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Step 2 of 4	About your mortgage
Are you looking to: How much would you like to borrow? Remortgage a property     How long do you need the mortgage for? 1 year2 years3 years4 years5 years6 years7 years8 years9 years10 years11 years12 years13 years14 years15 years16 years17 years18 years19 years20 years21 years22 years23 years24 years25 years30 years40 years50 years   Proceed to step 3.

Step 3 of 4	About your mortgage
Estimated property value?   Are you a first-time buyer? YesNo   Do you need to self-certify your income? YesNo   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 4.

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Repossession

Many lenders will view repossession to be the very last course of action when dealing with a borrower in arrears. It can be a very time consuming and costly exercise that both parties will wish to avoid. In nearly every case, the lender will commence with repossession proceedings once they consider that the borrower is in no position to rectify the situation – where there is no financial means, or no desire to make good the arrears and all future monthly repayments. Seeking legal possession of a property is an option open to both a first and second charge mortgage lender where a borrower is unable to meet the monthly repayments on time.

In many instances, by communicating with the mortgage lender at the earliest possible opportunity can help to alleviate the immediate problem and avert the threat of repossesion. If the problem is allowed to escalate then there is a high chance that the lender will instruct their solicitors to commence application for the repossession order.

There are a number of outcomes on attending your repossession Court hearing:

• The Judge may decide to adjourn or dismiss the case until a later stage – This could happen for a number of reasons including where additional information is needed or clarification of existing information is required.


• The Judge may decide to dismiss or adjourn the case indefinitely – This outcome may come about following the full payment of the outstanding arrears.


• The Judge may grant the lender with a possession order – This order will allow the lender to take possession over the property, typically after a period of around 28 days.


• The Judge may suspend the reposession order – This is the most common outcome on the initial Court hearing. The possession order will be suspended subject to a number of conditions; these conditions will usually include an agreed payment to the lender in order to clear the arrears over a certain period of time.


• The Judge can also grant a possession warrant or a notice of eviction. This may take place whereby a borrower has not kept to the agreement as stated following the suspended repossession order. A time and a date will be given for the borrower to leave. At which point a court bailiff will take formal possession of the property, accompanied by a representative of the lender and a locksmith.

Repossession

If a borrower’s property is ultimately repossessed, the lender will wish to sell it as quickly as possible in order to recoup the amount owed to them, including arrears, interest and any applicable charges. The borrower is still liable to pay interest on the loan right up until the property is sold! Repossessed properties are often sold under market value, this can mean that the borrower is likely to lose even more money following the sale of a property – If there is a mortgage shortfall and the lender is unable to recoup the full amount of the debt, they can pursue the borrower for this amount for up to 12 years!

We can help if you have any of the following lenders:

- Please Select - - Other - Abbey Accord Alliance & Leicester Allied Irish Amber Home Loans Bank of Ireland Bank of Scotland Barclays Barnsley Building Society Beacon Home Loans Birmingham Midshires Bradford & Bingley Bristol & West Britannia Capital Bank Mortgages Catholic Building Society Chelsea Chelt & Glos Clydesdale Bank Derbyshire Home Loans Direct Line Financial Services Egg First Direct First National First Plus Future Mortgages GE GMAC Halifax HSBC I Group Intelligent Finance Barclays Lambeth Lloyds TSB Lloyds TSB Scotland Manchester Build Socieety Mercantile Money Partners Morgan Stanley Mortgages 4 Mortgages Direct Mortgages PLC Nat West Nationwide Newcastle Build Society Northern Bank Northern Rock Norwich Union Paragon Platform Portman Preferred Principality Prudential Royal Bank Scotland Rooftop Sainsbury's Scottish Widows Southern Pacific Scottish Widows SPML Standard Life Swift The Co-op TMB TML UCB Ulster Unity Virgin One Account Welcome West Bromwich Woolwich Yorkshire - Other -

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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