Your mortgage is the 'first charge' on your property. You may also take out other loans with your house as security. These are referred to as the 'second charge', 'third charge' etc. and means lenders can take over the property and sell it in order to pay back the loans if you can't keep up the repayments.
If the loan is not for more than £15,000 then the Consumer Credit Act says that the lender, before taking any action against you, must send to you what is called a 'default notice'. This is a form, which must have certain information on it including how you have breached your agreement with the lender. If you put right the breach then no further action will be taken by the lender. If you do not put right the breach the lender may begin to take action towards repossession.
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