Author name: Didasko

What are the repossession rights in the UK? In the UK, both the lender and the borrower have specific rights and responsibilities during the repossession process. These rights are designed to ensure the process is fair and that all parties have the opportunity to rectify the situation where possible.  Lenders are required to notify you […]

What is the difference between foreclosure and repossession in the UK? In the UK, the terms “foreclosure” and “repossession” both refer to the process by which a lender can take back possession of a property due to the borrower’s failure to keep up with mortgage payments. However, the usage and specific meanings of these terms

Is financial literacy a skill? For me, financial literacy is the knowledge and understanding of various financial concepts and tools, such as budgeting, saving, investing, borrowing and managing debt. It involves being able to make informed decisions regarding personal finances and understanding the financial world effectively. At its core, knowledge refers to the understanding of

What do banks do with repossessed houses? When you default on your mortgage payments and face repossession, it not only impacts your life but also asks questions about what happens to your home and understanding the repossession process is important.  When you fall behind on your mortgage payments, the lender typically initiates legal proceedings to

Repossession order from court? Receiving a repossession notice from your lender is a distressing experience that can leave you feeling overwhelmed and uncertain about their future. However, it’s so important to take immediate action to protect your rights and explore options to mitigate the situation.  First and foremost, it’s essential to stay calm and not

Can you give your house back if you can’t afford your mortgage? When the financial burden of paying your monthly mortgage becomes overwhelming, you might be considering handing back the keys of your property back to your lender as a solution. While this may seem like a way out of a bad situation, it’s important

Here’s some stories of overcoming the odds whilst facing repossession from mortgage arrears! Countless individuals and families across the UK have faced this adversity head-on, emerging stronger and more financially savvy. This article delves into several inspiring stories of resilience and determination in overcoming mortgage arrears. Sarah, a single mother from Manchester, found herself struggling

What does forbearance mean on a mortgage? Homeowners occasionally face financial hurdles that can jeopardise their ability to keep up with mortgage payments. During such times, mortgage forbearance can be an important option, offering temporary relief for those in mortgage distress.  Mortgage forbearance is an agreement between you and your lender to temporarily reduce or

What does it mean when house prices go down if you’re facing repossession? Recent reports highlight that house prices in the UK have experienced a downturn over the last month. Various factors are influencing this trend, including a significant one, rising interest rates.  The impacts vary, with some areas seeing more significant price drops than

Are you speaking to your lender about your mortgage arrears? The ability to communicate and negotiate effectively with your lender can be an important step in avoiding the worst outcome. Regular open lines of communication can potentially lead to more manageable repayment terms, or even delay repossession, giving you time to improve your financial situation.