Repossession
If you are unable to pay your mortgage, ultimately, the lender can repossess your home.
If your home is repossessed and sold for less than the amount of the outstanding mortgage, you'll owe the balance to the lender.
Your name will also be on the repossession register and it will be harder for you to get a mortgage in future.
The golden rule is to contact your lender immediately it becomes apparent that you may have difficulty in meeting your monthly mortgage payments.
Your lender should be sympathetic and should provide as much assistance as they can.
The Consumer Credit Counselling Service is a registered charity which offers free debt counselling and advice to assist people who are in financial difficulties.
