How can I avoid reposession?

With news coming in that repossessions are rising it is an opportune time to give our readers a few ideas of what you can do should you find yourself in difficulty. Repossession is always a last resort for a lender, they will generally not come out of the deal profitably, the person who bought the property will also come out a loser with a bad credit history to boot.

So what should you do if you think you may be have problems with your mortgage? First and foremost you need to contact your lender straight away once you feel there is a problem, ignoring the issue is the worst thing you can do because it means you will be passing by viable options and could arrive at a point where they no longer exist with the double whammy of still having problems, problems which will only escalate if not resolved.

1. Switch to an Interest Only loan: This may be an option on your home and …

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