Mortgage Arrears FAQs
How long do I have to pay my arrears?
That is a decision that is made by your mortgage company. They will look at your circumstances and work with you to find a solution. If you can agree a repayment schedule, you may be asked to clear the arrears by paying a bit more each month on top of your monthly payments.
I don’t feel comfortable speaking to my lender, can you help?
We can talk through your options with you. You might also find speaking with the Citizens Advice Bureau useful. But if you can speak with your lender, it would be in your best interests to do as, as it shows your commitment to clearing your arrears.
Will I have to go to court?
If you are unable to come to an agreement with your lender, and are unable to clear your debt, yes, you will have to go to court. However, if you sell your home to us, it can all be avoided.
If repossession proceedings start, can I do anything to stop them?
It’s never too late to take action. Call us on 0800 141 2275 and we can buy your home from you. A guaranteed cash sale like that will stop proceedings immediately.
Why is my house being repossessed?
It’s happening because you have fallen behind with your repayments, accruing arrears and have been unable to clear them.
What happens if I can’t agree a repayment programme with my lender?
If you can’t agree a repayment programme, your lender will apply to your local county court for a repossession order. Unless you sell your home, this will lead to eviction.
Can I just give my keys back and walk away?
If you do that, you’re still liable for the mortgage repayments on your home before it is sold and if the money raised from the sale isn’t enough to clear the original debt, you will still be liable for the amount outstanding and the costs involved in selling the property.
I’ve received a Notice of intention to prosecution, what does that mean?
This means your lender has been unable to reach an agreement with you for repayment of your arrears and therefore they will be applying to the courts for a repossession order.
I have a court date; does that mean it’s too late to do anything?
No. Even if you have a court date, you can still take action to clear your arrears.
If my home is repossessed, will I be able to get another mortgage in the future?
No. Once your home is repossessed, you will have a County Court Judgement (CCJ) registered against your name, which will make it impossible for you to get finance or a mortgage in the future.