Reasons for arrears may result from:
You should contact your lender as soon as you have any problems with your mortgage payments. Explain your situation and how you intend to resolve it. Lenders will usually be much more sympathetic if you discuss your situation with them than if you ignore them.
Next, take steps to resolve your financial issues. Consider re-mortgaging your home, consolidating debt or raising money to pay off the arrears. Repossession should always be a last resort.
Typically, your lender will start court proceedings to repossess your home after 6 months from when the arrears started, unless action has been taken to resolve or improve the situation.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.