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Falling behind with your mortgage payments?

As more and more people in the UK put their head in the sand and hope that the economy will suddenly spring to life, we are still seeing the number of people falling into mortgage arrears rise. This is a significant concern for the short to medium term future of the UK property market as we will undoubtedly see a continuous increase in repossessions even when the UK economy starts to recover. There is also great concern that UK banks will become less flexible with regards to repossession when the market shows signs of life, in the knowledge that they will be able to obtain a better price for repossessed properties than just a few months ago.

If you are in a situation where you are in arrears with your mortgage it is vital that you take advice as soon as possible in order to protect your assets. Leaving a difficult situation to get worse will only give you less time to resolve the issues as and when you finally have to face the truth. In some cases, taking professional advice at an early stage will allow you to reorganise your budget, reschedule your mortgage payments and potentially give yourself some breathing space in the short to medium term. However, the longer you leave your situation the more chance that your mortgage lender will be unhelpful and possibly fast-track you down the repossession route.

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