If you fall into arrears with any mortgage or secured loan, the lender has the option to take you to court and seek repossession of the property.
The property could then be sold by the lender to raise money to pay off your debt to them.
For this reason, it is vital that should you have difficulties in maintaining mortgage repayments that you act promptly.
Payments of secured debts should always take priority over unsecured debts.
A re-mortgage could often free sufficient monies to repay any arrears and possibly reduce your out-goings (making it easier to maintain future payments).
Berkley Vittoria could utlise lenders who will seek to assist, regardless of how many payments have been missed.
The mortgage rates offered by lenders vary depending on the level of mortgage arrears. With this in mind, it is vital that you look to solve your problems before your situation gets any worse. *
* The overall cost for comparison is 7.7% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.