2. Letters from your lender
Don't ignore letters about your mortgage arrears from your mortgage lender. The sooner you address the issue, the more options you may have. If you get a letter or a phone call from your lender, reply.
Take time to really work out your finances. This will help you understand your arrears and see if you can suggest a repayment plan to your lender.
Your lender will usually send you a letter reminding you that you have missed one or two payments. This letter will normally ask you to:
- confirm how you are going to take to catch up on your missed payments
- contact your lender to discuss your situation.
Your lender will probably write to you again if the arrears increase or the lender can't accept your proposal to clear the debt. The second letter usually says that solicitors will be involved if you don't clear your arrears or contact the lender to explain how you'll clear them in the next 7 days.
It is better to negotiate with your lender before solicitors are involved. You can get advice from your local Citizens Advice or Housing Options Team if you're not sure how to start these negotiations.