A. Eventually, your property will be repossessed.
You’ve seen the risk warning a million times.. “Your home may be repossessed if you do not keep up repayments on a mortgage”. But what does this actually mean, how do you get into this position, and more importantly, how do you avoid getting into this position?
We never know what’s around the corner, and what life may deal to us. Illness, accident, unemployment and death can be very difficult to deal with, but even more so if you lose the roof over your head.
Should one of these situations land at your doorstep, the mortgage lender will lend a sympathic ear, and they will have systems in place to manage your mortgage account to avoid ultimate repossession. You should always inform your mortgage lender of material changes to your circumstances, expecially if it means that the contractual mortgage payments will be affected. Repossession is the last resort the lender wants to happen, but they can only go so far to avoid this happening.
If the situation you find yourself in is short term, you may weather the storm, but if it’s a longer term situation, a loss of income will eventually catch up with you, and payments may start to be underpaid or missed altogether. The best answer is to provide yourself with a safety net which is in place before it’s actually needed. This ‘safety net’ is called an insurance policy. There are many kinds of policies available (at a reasonable cost) to ensure that if you were to suffer illness, accident, unemployment or even death, that your mortgage commitment can be either maintained in the short to medium term, or repaid completely. To ensure you can keep your property whatever happens to you, speak to me and I can provide full advice, and a range of options for all budgets. Remember…It is better to have and not need, than to need and not have.
Now this question has been answered, why not call me now?
Let’s get the ball rolling for you !