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Repossession ‘last resort’ say lenders

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  • Repossession ‘last resort’ say lenders

    First-time buyers should feel reassured that lenders are reluctant to let arrears issues reach the stage of repossession in spite of a rise in the amount of cases.The advice from Which?, the consumer group, is to speak to your lender if you have fallen behind with mortgage repayments. Ignoring the problem will only make it [...]

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    Borrowers should be advised that as long as they can at least afford the interest element on a repayment mortgage lenders will not take action against them. Best advice is ALWAYS to contact the lender and agree a way forward (and stick to it) at the earliest opportunity. Yes it may mean tightening the belt elsewhere but your house is your greatest asset and should be your number one priority. It is sad that many people do not take up Accident Sickness and Unemployment cover because they thing its too expensive (it can be tailored to supply at least some level of cover) OR take the it's never going to happen to me approach.
    Gift Wrapped Mortgages

    Independent Mortgage Broker