What happens if my home is repossessed?

If your home is repossessed we will do all we can to obtain the best possible sale price for your property.

The proceeds of the sale will be used to repay all loans and charges including your mortgage which are secured against the property and any fees incurred from the sale. If there is any money left over we will pay this to you.

If there are insufficient funds to repay your mortgage balance you will still owe us whatever is remaining. This will be referred to as a shortfall debt.

We will try to arrange a repayment plan with you to recover the shortfall debt.

If we cannot come to an amicable agreement with you we may go to court to recover the money and you may incur additional costs.

An unpaid shortfall debt could stop you from getting credit in the future.