Repossession not the result for most who fall into mortgage arrears

Those that have fallen into mortgage arrears over the last 2 years have, in the main, not faced repossession and continue to stay in their homes. Taking prompt action on debt problems is key.

According to the BSA (Building Society Association), 97% of those who have incurred mortagage arrears in the last 2 years haven’t had their homes repossessed.

You can get independent debt advice to help you understand the steps you should take to address debt problems before they get out of control.

As Paul Broadhead, Head of Morrtgage Policy at the BSA comments ‘While falling into mortgage arrears is always a worrying experience for the individuals involved, most borrowers do manage to repay their arrears and stay in their homes.

The results highlight the importance of borrowers contacting their lender as soon as they face potential payment difficulties, and seeking indpendent advice. Doing so enables the lender to consider all reasonable options to assist the borrowe.’

Getting professional debt advice sooner rather than later can really make the difference, giving more options and critically giving you a sense of taking control, albeit with guidance from debt management experts.