What to do if you cannot pay your mortgage

The booklet – Can’t Pay Your Mortgage? – covers information on the six steps you must take to ensure you do not lose your home, what happens when you contact a building society, the role of money advisers; and a section on where to turn for further help and advice.

It also dismisses some of the "urban myths" associated with having mortgage repayment difficulties.

These include:
* The only way I can pay off my arrears is to pay off the whole amount I owe;
* I could send my keys to the lender and walk away?

The booklet is available from the BSA website  and many building societies. The Money Advice Trust is also circulating the booklet among advisers. 

Paul Broadhead, Head of Mortgage Policy at the BSA said: "Struggling borrowers should contact their building society as soon as possible. If they read this booklet, the guidance contained in it will alleviate any fears they have about their home being immediately repossessed and give them all the information they need to contact their building society with confidence to discuss their mortgage arrears."

Joanna Elson, Chief Executive of the Money Advice Trust said: "During these difficult times it is vital that people seek free independent debt advice if they are concerned they may not be able to keep up payments on their home.

"A free, independent, money adviser can help you look at all options including accessing relevant Government support. We are pleased to be working with the BSA to ensure people in debt get the help and support they need."

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