KPMG Personal Debt Solutions

Mortgage Arrears

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Mortgage Arrears

At KPMG we know the stress that missing mortgage payments can cause. We understand how important keeping your home is to you and your family.

If not dealt with correctly, mortgage arrears can become a real issue. Failure to deal with mortgage debt could mean your home is at risk of repossession. The earlier you seek advice, the more options which are likely to be available to help.

As a result of the COVID-19 outbreak, the Financial Conduct Authority (FCA) have implemented a number of measures to help those struggling financially because of the pandemic. In early November, they announced further changes to the support available, stating that consumers now have until 31 March 2021 to request up to 6 months of breaks in mortgage payments.

While these measures have come as a welcome relief to many, it is important to note they are short term in nature, and may affect the way you can borrow going forward. While the FCA has made it clear that payment breaks should not be reflected on credit files, there are other ways for future lenders to check if you have taken advantage of this scheme.

Failure to meet mortgage payments can happen for several different reasons including pressure from creditors for payments of other debts. When you contact us, we will take the time to understand your full financial situation, and explain the options available to you. You may be eligible for a number of different routes such as the Debt Arrangement Scheme, a Protected Trust Deed or Sequestration (bankruptcy in Scotland).

In some debt solutions, such as a Protected Trust Deed or Sequestration, your home may be affected. If this applies to your situation, our advisers will discuss this with you, and ensure you are aware of all the options available to you.

To contact us, call now on 0141 300 5656 or book a callback below.

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