If you find you can't afford your monthly mortgage payments for any reason, you must speak to your lender as soon as possible. Make an effort to deal with any potential problems and do not to ignore the situation. It will reflect much better on you if you are seen to be actively tackling the problem rather than waiting for the lender to come to you.
Remember that your lender will only repossess your property as a last resort, so don't worry at this stage. You typically need to be at least three months behind in your repayments before a lender can start proceedings to repossess your home. In any case, your lender has to be seen to be doing everything they can to resolve the situation before they can take you to court. They have a duty to be sympathetic, so approach them early and keep them informed of your situation. Your lender should be able to devise a new repayment schedule to help you until your finances stabilise, although these measures will usually be temporary. Once you get back on track, your payments will revert to their original level.
For further information about the responsibilities and standards of service expected of lenders contact the Mortgage Code Compliance Board.
