how many months mortgage arrears before repossession?

Early Stages of Arrears:

• Initial Missed Payments: Lenders will typically start the repossession process after several months of missed payments. However, this can vary depending on the lender’s policies and the borrower’s circumstances.
• Communication from Lender: After the first missed payment, lenders will reach out to the borrower to assess the situation and attempt to resolve the issue without proceeding to repossession.

Legal Process and Timeline:

• Pre-action Protocol: Before any legal action, lenders are required to follow a pre-action protocol, including discussing payment options and considering requests for payment delays.
• Notice of Intended Possession: If arrears are not cleared or an agreement reached, the lender may issue a notice of intended possession. This is typically after 2-3 months of missed payments.
• Court Proceedings: Lenders may start court proceedings to obtain a possession order. This process can take several months, giving borrowers additional time to find a solution.

Repossession Timeline:

• General Guideline: It can take between 3 to 6 months of missed payments before a lender initiates repossession proceedings. However, the actual timeline can extend beyond this, depending on the lender’s actions and the borrower’s response.
• Court Decision: Even after court proceedings are initiated, repossession is not immediate. A judge will review the case, and borrowers can still negotiate with their lender to halt the process.

Preventing Repossession:

• Communication with Your Lender: Engaging with your lender at the first sign of financial trouble is crucial. Lenders may offer solutions such as payment holidays, term extensions, or interest-only payments temporarily.
• Financial Advice: Seeking advice from a mortgage adviser or debt counsellor can provide strategies to manage your situation effectively.

Conclusion: