A mortgage is a loan that is secured over your home and there can be serious consequences if you cannot afford to repay the loan.

If a payment is missed you must immediately inform your lender and it is likely that you will be charged a fee plus interest on any missed payments.

If you consistently miss mortgage repayments then the lender has the right to take possession of your home and sell the property in order to recover the money that they are owed.

Generally, a mortgage will not cover the full value of your home so that if the home is repossessed then the lender can be confident that they will be able to recover the full outstanding loan amount. 

If you would like any further information or advice in relation to buying or selling a property, please contact us on 01384 410 410 or send an email to residentialconveyancing@georgegreen.co.uk. You can also get a free quote by using our conveyancing quote tool on our website.