Rossendale Borough Council
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Rossendale against recession - housing

Help and advice on housing issues during the recession

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Get Advice...

If you are worried about the possibility of being repossessed it is crucial that you pay your mortgage debts before any other debt.  Speak to your lender immediately about your concerns.  You should also contact a free independent debt adviser at an organisation like Shelter or the Citizens Advice Bureau.  They are experts and will run through all or your options to ensure you stay in your home. 

Visit the Shelter website for excellent help and advice on mortgage and repossession issues.

Further advice is also available on the Mortgage Help section of the directgov website.

Talk to your lender...

Talking to your lender about your worries and showing them you are willing to meet the repayments will increase your chances of keeping your home.

Don't ignore any letters or phone calls from your lender

If you are behind with your repayments, your lender should be trying to get in touch with you.  If you ignore them, they may start legal actions to repossess your home.  If you contact your lender, you may be given extra time which could help you avoid losing your home - even if repossession action has started.

Your lender must treat you fairly and think about what they can do to prevent you from losing your home.  Visit the directgov website to find out about the steps your lender has to take before starting action to repossess your home.

Discuss your options

Your lender should agree with you the best option for managing your repayments.

Possible options include

  • changing of lengthening the term of your loan
  • accepting reduced payments in the short term
  • adding any repayment debt to the amount you have borrowed

Always remember that any changes to your mortgage could lead to penalties or charges or you could end up paying more in the long term.

Regular contact is important as any option taken may only be a short term solution.

If you cannot agree a solution with your lender you must speak with an independent adviser immediately.

If you can't keep your home...

You may find that even after assessing all your options you are not able to keep your home.  Make sure you seek advice before starting the process of selling your home.  Rossendale Borough Council may be able to help you get into a new home, but you'll need to be able prove that you haven't intentionally made yourself homeless.

  1. You are here: Help and advice on housing issues during the recession
  2. Support for Homeowners