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Repossession

The threat of repossession is one of the scariest things you can ever face. If you’ve got people who rely on you, or have nowhere to go should you lose your house, it can be disastrous.

There are all kinds of reasons why people end up facing repossession, and often there is little they could do about it.

Sudden changes in circumstance can turn a comfortable mortgage into a desperate situation.

If you’re unable to meet your payments, the lender won’t show much sympathy in trying to reclaim the money they are owed.

The Council of Mortgage Lenders recently described the level of repossessions as ‘stable’ but, with 9,600 homes reclaimed in just the first three months of the year, it’s clear that a lot of people are affected.

The bad financial conditions are making repayments harder than ever. If you do lose your home, the charity Shelter can help.

If you are facing repossession, talking to the lender should be your first priority. They will often help you to get back on track.

As a safety net and last resort, you could look for a quick house sale to raise the money you need.

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