At KGJ, we know how frightening it can be if you find yourself in a situation where it gets harder or impossible to keep up with your agreed mortgage repayment plan. Consequences can include, but are not limited to, the following: Late Payment Fees: If you miss a mortgage payment, your lender may charge you a late payment fee, which can add to your financial woes. Default: If you miss multiple payments, your mortgage will go into default. This means you have failed to meet the terms of your mortgage agreement and your lender may take legal action against you. Repossession: If you continue to fall behind on your payments, your lender may initiate repossession proceedings. This means they can seize your property and sell it to recoup their losses. Damage to Credit Score: Failure to make mortgage payments on time can severely harm your credit score. This may make it difficult for you to obtain credit in the future, and if you do, the interest rate may be higher. Financial Hardship: You may face financial hardship if your home is repossessed because you will have to find a new place to live and may owe a shortfall if the sale of your home does not cover the outstanding mortgage This is not a situation anybody wants to find themselves in, but should it happen, KGJ is on hand to offer you financial advice on how to best deal with the situation. It's vital to communicate quickly with your lender if you're struggling to make your mortgage payments, as they may be able to offer you an alternative repayment plan to help you avoid default and repossession. The UK government also supports several schemes to help struggling homeowners including the Mortgage Rescue Scheme, Support for Mortgage Interest, and the Homeowners Mortgage Support Scheme. If you are struggling to make mortgage repayments, it's important to act as soon as possible to avoid making your situation worse. If you need help, KGJ is just a phone call away.