75%% Adverse Remortgages
When Mortgage Arrears Loom
Mortgage arrears are sadly becoming all too common for us Britons. Within the last year, says the Citizens Advice Bureau, more than three quarters of a million people have missed one or more mortgage payments.
And with inflation rising, there are concerns that more homes will be repossessed. Certainly, there are a lot of worried homeowners out there – the figures speak for themselves:
· In 2005, The Citizens Advice offices dealt with 1.25 million debt problems
· the number of people opting for bankruptcy or Individual Voluntary Arrangements is also rising rapidly
· the Consumer Credit Counselling Service reported an increase of 27% in helping people to set up debt management plans.
So what do you do if you are worried about your debt or have already missed a mortgage repayment?
The first thing to do is to tackle the problem head on. Hoping that it will go away won’t help the situation – it will only make it worse.
If you are still meeting all your repayments but are worried about interest rates rising, switch to a fixed rate mortgage. If you have already fallen behind on your mortgage repayments, get in touch with your lender straight away.
This way a plan of action can be implemented to resolve the situation. If your lender is not helpful, then you can complain to the Financial Ombudsman Service.
Write down all your incomings and outgoings so that you and your lender can see what your options are. For example, if you are on a repayment mortgage, see if your lender will accept interest-only payments for a few months. Or maybe they will let you take a payment holiday.
Once you are back in control of your finances, you can make up the shortfall by overpaying on your mortgage or possibly even extending your mortgage term.
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