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Repossession Mortgages

My home is about to be repossessed - is there anything Endsleigh Financial can do to help me?

If you have a mortgage and don't keep up the monthly repayments then you risk your home being repossessed by your mortgage lender. Before things get as serious as repossession, there are things you can do. Firstly you should seek advice from a debt counsellor who will help you to work out exactly what debts you have and put together a plan to repay these. They will also help you to inform your lender and other companies to whom you owe money.

Debt Consolidation Mortgages

If you cannot afford to pay your loans, credit cards, mortgage and other debts then a debt consolidation mortgage may be the solution. This is where all of your debts are included with your mortgage into one loan - mortgage rates are often much lower than the interest rates you pay on credit card balances and other loans which means that you monthly outgoings will dramatically reduce. It is important to understand that if you consolidate debt, you will be paying interest for the term of your mortgage which could be significantly longer than the period over which your loans were set up.

If you are unable to meet your mortgage payments, it is important not to ignore the problem and get further and further into arrears. Your first port of call should be to your mortgage lender to explain the problem - if you problem is temporary e.g. due to illness or the loss of employment then the lender may allow you to make up the missed payments over an agreed period.

Mainstream mortgage lenders do not like lending money to customers who have missed payments on their mortgage. At Endsleigh Financial, however, we understand that life does not always run smoothly and there will be times when money is tight and you might miss mortgage or other credit repayments.

When you speak to one of our advisers, the first thing you will notice is that we do not judge you - we simply ask for the facts and then do our utmost to help you to resolve the situation by finding you a new mortgage lender who will accept your previous credit problems whether these are missed payments, defaults or CCJs and offer an affordable remortgage.

Even if you are facing repossession, we may still be able to help you by switching your mortgage to another lender who is prepared to help you to reduce or repay your debts and retain your home. In order for us to do this, you must have equity in your home - i.e. the value of your home must be higher than the amount you owe to your mortgage lender. We will help you to remortgage to another lender and release some of this equity in order to repay debts.

If you are facing repossession we understand that speed is of the essence. At Endsleigh Financial we are able to do the administration for many mortgage lenders which can result in a mortgage offer being produced much more quickly than if you deal with a lender directly or via a broker who is unable to package the case for you.

Whole of Market Independent Advice

Independent mortgage advice is imperative as this ensures that your broker will search the entire mortgage market to find the best deal for you - many brokers work from a small panel of lenders which means that you are not always offered the most competitive rate. All advisers at Endsleigh Financial are independent which means that we search the mortgage market on your behalf.

Mortgage Broker Fees

You will soon discover that if you have previously had the misfortune to be unable to meet your credit repayments, many brokers will charge you a fee to find you a sub prime or non conforming mortgage deal - this fee can run to many thousands of pounds. At Endsleigh Financial we do not feel that it is appropriate to charge clients who already have money worries a hefty broker fee as well. We are paid by the lenders for introducing our clients to them. You do not have to pay us a fee for this service.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Endsleigh Financial Independent Tailoring is a trading name of Endsleigh Independent Financial Services Limited which is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Independent Financial Services Limited. Company No: 4132605 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.