Welcome
The material on this website is for information only and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website ...
News
Property Investor TodayInheritance tax changes to UK residential properties ...Property Investor TodayThe government's decision to drop significant proposals to non-domicile rules and inheritance tax changes to UK residential properties from the Finance Bill 2017 at the eleventh hour leaves many taxpayers in limbo, according to accounting, tax and ...and more »
Is the UK property market used like a political football?Property CommunityAs we approach the next general election on 8 June we will see promises and counter promises regarding planning permission, property taxes and an array of other issues to do with the UK property market. From the national government right down to local ...
Financial TimesUK public finance: councils build a credit bubbleFinancial TimesUK local councils are engaging in what is known in the financial jargon familiar to hedge fund managers as a carry trade — a form of arbitrage whereby they borrow at rates much lower than private sector borrowers can obtain in order to invest in ...
Telegraph.co.ukGrosvenor warns of 'significantly weaker' returns due to London's slowing property marketTelegraph.co.ukHistoric property company Grosvenor has warned of "significantly" weaker returns this year, partly due to the slowdown in London's property market. The privately owned business controls property across the UK, particularly in London. The total return ...Grosvenor Group warns on 'chilling' London property marketFinancial TimesGrosvenor warns on 'cooling' London property marketBelfast TelegraphDuke of Westminster's £12bn property firm hit by London slumpThe GuardianEvening Standardall 7 news articles »
Telegraph.co.ukGrosvenor warns of 'significantly weaker' returns due to London's ...Telegraph.co.ukHistoric property company Grosvenor has warned of "significantly" weaker returns this year, partly due to the slowdown in London's property market.Grosvenor Group warns on 'chilling' London property marketFinancial TimesGrosvenor warns on 'cooling' London property market ...Belfast TelegraphDuke of Westminster's £12bn property firm hit by London slumpThe GuardianEvening Standard -This is Moneyall 9 news articles »
Have you met...
Latest Members:


Meghan


123


Godfery3q


propertyexpert


teddy70421


jeffreyriebec


Brunong1a

 

Factsheets

Email this story to a friend:

Facing Repossession?


Are you facing the prospect of being homeless?11-02-2009

You and 144,999 other households by the end of the recession if figures from the Centre for Policy Studies turn out to be accurate. It also calculates that another 245,000 households could have repossession orders against them by then even if they’re still living in their homes.
If your lender insists on repossessing your home it will have get a court order. It can’t just walk in, turn you out and change the locks.
So how does it all work? A mortgage is a loan secured against the home it’s used to buy. When you took out your mortgage you agreed to repay your loan, and interest on it, or interest only, in monthly instalments over a certain number of years. If you can’t make those payments - because someone loses a job, gets ill or pregnant, or there’s a divorce or separation - the lender has the right to ask a court to allow it to take possession of the property and sell it to recoup its money.
The government wants lenders to repossess properties only as a last resort. It has also come up with the Homeowner Mortgage Support Scheme where lenders and borrowers come to an agreement that allows the borrower to defer interest payments on their mortgages for up to two years. So if you’re in arrears and facing the threat of repossession you must talk to the lender and try to come to an agreement.
Don’t wait.
Work out exactly what you have coming into the household and look for ways to increase that income while you’re out of work.
Check whether you’re entitled to any job seeker’s allowance or income support and help with the mortgage and council tax. 
Check whether you have a Mortgage Payment Protection Policy that may cover your mortgage ‘til you find another job.
Look at all your spending and find to reduce it.
To avoid repossession you need to persuade the lender to restructure your mortgage so that you have lower monthly repayments which you can afford. You may also need to pay a little off the arrears each month to clear the back log in reasonable time. 
If you aren’t successful in your negotiations with a lender ask the local Citizens Advice Bureau or the National Debt line (0808 808 400) for help.
If the lender does start court action will be up to the judge to decide what happens. 
If you have a date for a court hearing don’t miss it. Someone from the local CAB may be able to help you prepare.
Take all the details of your income, bills and spending with you. Work out how much you can afford to pay. 
The judge can decide in favour of the lender and grant the repossession order; can grant the repossession order but suspend it while you make agreed payments; can postpone a decision or adjourn the case while you and the lender go back to the negotiating table or grant you a ‘stay’ of execution - that is stop the repossession temporarily to allow you more time.
Don’t panic and hide letters from the lender behind the clock. Get help now and you may still be in your home come the end of the recession. 
Copyright Liz Barclay 2009 - www.moneyagonyaunt.com
Copyright propertyExpert.tv 2009. All rights reserved. No copying, downloading, publishing or republishing without written permission from propertyExpert.tv authorised representatives. Full details of www.propertyExpert.tv. licence details are at http://propertyexpert.tv/buying/factsheets/n76ea8e62cba740e2cec084f611a956d6/


Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks