‘REPOSSESSION IS A LAST RESORT’: FIVE OPTIONS IF YOU’RE STRUGGLING WITH YOUR MORTGAGE – YOUR MONEY

Millions of homeowners are worried as the cost of living bites while mortgage rates are heading north. Here are five options if you’re struggling to meet monthly payments.

The Bank of England has raised the base rate seven times in a row since December 2021 where it now stands at 2.25%. However, the market is pricing in hikes to 6% next year.

With every 1% increase in the base rate adding an average of £50 to monthly mortgage payments, it’s no wonder millions of homeowners are worried about keeping up with outgoings.

However, trade association UK Finance – the voice of the banking and finance industry – said that home possession is only ever a last resort.

It urged lenders to show flexibility to borrowers in financial difficulty and said that repossession should only come after tailored support is exhausted, and after a thorough court-based process has carefully considered a borrower’s individual circumstances.

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