Finding alternative accommodation is not easy. Your options are to:
Many people believe that once they get repossessed they will have a clean slate financially. However, the repossession itself involves additional costs, such as court fees. You will also remain liable for any debt not paid for by the sale of the house, particularly if there is negative equity in the house.
Getting repossessed means you will have a poor credit rating and may not be able to obtain another mortgage. Your name will be added to the Possessions Register, which is held by the two main British credit reference agencies, Experian and Equifax.
It is vital you do all you can to stop your home being repossessed.
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