You will need to work out a way to pay back what you owe. If you don’t and the debt continues to build up, your bank will take you to court and you may end up losing your home.
Once you have worked out a way of dealing with your debt, you will need to come to an agreement with your mortgage lender.
If you don’t have any options for paying off your debt or can’t reach an agreement with your mortgage lender, you should get help from an experienced debt adviser straight away.
You should also get help if you have started getting letters from your mortgage bank threatening court action.
If you have got some money to spare each month, you may be able to pay back what you owe by making extra payments on top of your usual monthly mortgage payments.
If you have fallen behind with your mortgage payments, you will need to take a good look at your household budget. This will tell you if you have got any money left over which you can use to pay off your debt.
You will need to make a list of all the money you have got coming in and all the money going out of your household. This should include any other debts you owe. Make sure that the amounts you put down are realistic.
If you have an endowment mortgage, you can think about giving up your endowment policy or selling it off to an investor.
You can see if it is possible to take out a loan, or borrow money from someone you know to help you pay off the mortgage debt. Don’t borrow money from someone you know unless you know them well and can trust them. Be careful not to borrow from loan sharks.