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Adverse Mortgage Lenders

Phillip Said:

STOP paying YOUR MORTGAGE? - England.?

We Answered:

As a mortgage broker I have not heard of this and would like to point out that this would be extremely unwise. Not paying your mortgage will have a severe effect on your credit rating and your future ability to get a new mortgage or remortgage. Ultimately defaulting on your mortgage will result in repossession and your name will be entered onto the Council of Mortgage Lenders register of repossesions. Unlike the normal 6 year limit on credit records the register is for life and your name will never be removed.

A mortgage is secured on your home unlike any other form of unsecured consumer debt. If you don't pay your credit cards a bailiff can come and take your belongings but not your home. If you default on your mortgage you are likely to lose everything!

Matthew Trott - Charcol

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