Mortgage Arrears: What Happens if I Can’t Pay My Mortgage?

Mortgage Arrears: What Happens if I Can’t Pay My Mortgage?

  • Mortgage Arrears: What Happens if I Can’t Pay My Mortgage?

    Taking out a mortgage and buying a house is the biggest financial decision most people will make in their lives. No one makes this decision with the intention of falling behind on their payments or not paying back the loan, but sometimes situations arise which make it impossible for borrowers to meet their mortgage costs.

    At Negative Equity UK, we’ve seen hundreds of clients who can’t pay their mortgage and have fallen into arrears for a range of reasons. Some people have lost their job or had their working hours cut. Others bought their house before having children, only to find their costs becoming unmanageable once they start a family. In some cases, an illness has forced them to leave work or make changes to their home.

    Whatever the source of your mortgage problems, the consequences of falling into arrears can be serious. In the worst case scenario, you could potentially lose your home and damage your credit rating badly enough you may struggle to borrow again.

    Get Help With Your Mortgage Debt.

    With arrears mounting up and no way to pay, many of our clients come to us feeling very stressed and anxious about their situation, but there are solutions available and we can help.

    At Negative Equity UK, our team of property debt specialists offers a range of possible solutions based on your situation. Whatever your circumstances, the process starts with a case review. We will obtain all of the original documentation on your mortgage from your lender so we can assess your needs and work out the best way for us to help you.

    We don’t take a one size fits all approach to our clients, instead we craft tailored solutions to your specific problems. Some of our clients can remortgage or restructure their debt in order to make it more manageable for them. This is often the best approach for borrowers who have had a change in circumstances and with interest rates currently low remortgaging might make their debt affordable and allow them to stay in their home.

    Other clients may need to sell their house in order to deal with their debt. In this case, we can arrange a shortfall sale and negotiate with your lender in order to write off as much of the remaining debt as possible, leaving you with a much smaller amount left to pay.

    Case Study.

    We recently helped a married couple who could no longer afford to pay the mortgage their home which had fallen into significant negative equity after the financial crisis. They had a total outstanding mortgage debt of £177,271, but were left with a shortfall of £103,271 after selling the house.

    We were able to negotiate with their lender to write off 88% of their outstanding debt, leaving them with only £12,000 left to pay.

    After we completed their case, our clients said; “We were so glad we contacted Negative Equity UK, who, after we spent time with one of their advisers, put our minds at ease, especially when they advised us that there was a solution to our problem.

    “After spending time negotiating with the building society, we were delighted with the performance and professionalism of the adviser we dealt with, who did come up with a solution and we now have time to hopefully recover from a very worrying situation.”

    Contact Us Now.

    If you’re in arrears on your mortgage, or you’re trapped in a property in negative equity and you need to move on take a look at our reviews and contact us on 0161 631 2727 or fill out a contact form on our website and we will arrange a call back and start the process of dealing with your property debt.