If you own a house in the UK, keeping up with your mortgage month payments is super important to keep your home. But sometimes, life throws us curveballs, and we end up missing payments. In this blog post, we will talk about what happens if you can’t pay your mortgage for a while and how long it takes before your home can be taken away.
The Growing Problem: More People Struggling with Mortgage Payments
In the second quarter of 2023, the Bank of England did a survey, and it showed that the total amount of unpaid mortgage payments went up to a massive £16.9 billion. That’s a whopping 28.8 percent increase compared to the same time last year! This data tells us that more and more people in the UK are having a hard time keeping up with their mortgage payments.
What Are Mortgage Payments and Arrears?
Alright, let’s break it down. Mortgage payments are the regular amounts of money you pay to your mortgage lender (the folks who lent you the money to buy your house) every month. When you can’t make these payments on time, you fall into something called “mortgage arrears.”
Talking to Your Mortgage Lender
So, you’ve missed a payment or two. Don’t worry; it happens to the best of us. The first thing you should do is get in touch with your mortgage lender ASAP. They might be willing to help you out. They could offer you options like changing your payment plan for a little while or letting you quickly catch up on your missed payments.
When Do They Start Taking Your Home?
Now, the big question: How many months of missed payments does it take before they start taking your house away? Well, there’s no one-size-fits-all answer. It depends on who your mortgage lender is and what they decide. Some lenders might start the process after about three to six months of missed payments, but others might give you a bit more time.
Know Your Mortgage Lender’s Rules
Each mortgage lender has its own rules about when they start the process of taking back your house because of missed payments. It’s super important to read your mortgage agreement carefully and talk to your lender about their specific policies for missed payments and house repossession.
The Legal Stuff
Don’t worry; they can’t just kick you out right away. There’s a whole legal process they have to follow. This process can take several months, which gives you time to figure things out and maybe avoid losing your home.
Get Some Expert Help
If you’re in a tough spot and worried about losing your home, it’s a good idea to talk to experts who know all about this stuff. Housing and financial experts can guide you through the process and help you find ways to keep your home.
Remember, while there isn’t a fixed number of months before your home could be taken away because of missed mortgage payments, taking action early is your best bet. Reach out to your mortgage lender, explore your options, and seek professional advice if you need it. Most lenders want to help you avoid losing your home, so don’t hesitate to get in touch with them.
Learn About House Buy Fast
And now, a little something extra: if you’re in a tight spot with your mortgage, there are companies like House Buy Fast that can step in to help. They specialise in buying houses quickly and paying in cash. They’re all about being transparent with you and have a team of friendly advisors who can assist. They’ve got heaps of 5-star reviews from happy customers too. So, if you’re facing a housing challenge, consider checking out what House Buy Fast has to offer.