I am increasingly being contacted in private by people who are struggling with mortgage repayments, and they want my advice.



First of all, if you are struggling, it is very important to get the correct advice from the correct person, otherwise you will become very confused.  Stuff like "just hand back the keys" from the property "expert" down the pub is not good advice!

I am not qualified to give advice, but, what I do say, is that, in the first instance, CONTACT YOUR LENDER, and let them know that you are in difficulty.

They are obliged by law to help you as much as they can.  This can include payment holidays, concessions, reduced payments etc.  I believe it is vital to keep up an open and honest communication with them.  If you cut off all communication, that is when things start to go out of control and they will be less forgiving than if you have been seen to be trying to deal with it.

There are also specialist debt advice services who can help.  Some offer a free consultation to assess your individual situation.

It is worth noting that it is very important to pay your service charges and ground rents.  Make that a priority in your bills.  Failure to do so can mean forfeiting the lease!  If these are not paid up to date, you will not be able to get additional financing either, so be sure to prioritise them above other bills.

If you have a void, do whatever it takes to get the property let.  80% of something is a lot better than 100% of nothing!

Understand that you are not alone and that others can support and help you and may have been through what you are going through and be able to offer a friendly and supportive shoulder to lean on.   That is one of the benefits of being a member of a Tribe!

Please click >>> here to read all the comments to this blog on Property Tribes.  A lot of useful advice has been shared in this particular discussion.