Do homeowners ask for help when facing repossession?

Last year, the UK government launched a new service providing free legal advice aimed at helping around 38,000 people annually who are at risk of losing their homes. This program is part of a broader effort to prevent homelessness and improve conditions for homeowners.

Additionally, UK Finance reported that around 90,700 mortgages were in significant arrears (more than 2.5% of the mortgage value) as of mid-2023, and about 1,100 properties were taken into possession during the same period. These figures highlight the ongoing struggle many homeowners face in keeping up with mortgage payments amid rising living costs and interest rates.

Various support systems, including advice from charities like Citizens Advice and MoneyHelper, are available to homeowners. These organisations help negotiate with lenders and provide guidance on managing mortgage difficulties and avoiding repossession.

This situation increases the importance of seeking help early and exploring all available options to manage mortgage payments effectively and prevent the loss of one’s home.

If you need to speak to someone regarding your situation, reach out to us and let us see if we can help you. Book a no obligation call now, what do you have to lose?