Many UK home owners are falling behind on their mortgage repayments through no fault of their own. This can be a really worrying time for families as the family home is one of their most treasured possessions.
The main reasons for mortgage arrears include:
- Losing job.
- Falling into negative equity because of declining house prices. Hence the back ask for higher mortgage repayments.
- Difficult to find a better remortgage deal.
But there is a good chance you can get out of mortgage arrears by:
- Don’t panick
- Work out whether the problem is minor, major or somewhere in between.
- Work out your various options to solve the problem.
The video prepared by MoneySuperMarket.com gives some great adice on how to stop mortgage arrears.
Please watch this video and then share your views on the best way to get out of mortgage arrears: