Similar arrangements were put in place during the Covid 19 pandemic when there was a pause on all home repossessions. Ordinarily repossession action can sometimes start within a matter of a few months of missed mortgage payments, depending on the circumstances. In addition, for borrowers falling behind with repayments, it was agreed that customers would not be forced to have their homes repossessed within 12 months from their first missed payment. These options can be taken with ‘no questions asked’ and none of the above will require new affordability checks or affect the borrower’s credit record or score.īut the options are intended only as temporary measures to help reduce mortgage costs in the short-term and borrowers will usually need to switch back to their previous mortgage terms after six months.
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