For many people a mortgage is the largest loan they possess and usually accounts for the largest amount of their outgoings each month.
When you buy a house you sign a legal charge or mortgage deed which states that if you do not keep up the repayments on the loan the lender can repossess your property. This means they can take over the property and sell it in order to pay back the money they are owed.
You can become homeless if you can't keep up your mortgage repayments. If you ignore the problem it will become more difficult to control your debt and avoid repossession.
The following sections contain further detail about consolidating your debt.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.