If your home is eventually repossessed:
- We'll sell it for the best price we can reasonably achieve. We'll try to sell it as soon as possible.
- We'll give you a reasonable time to take your possessions from your home.
- We’ll use the money raised from selling your home to pay all loans and charges secured by your mortgage.
- If there’s any money left over, we’ll pay it to you.
- If there’s not enough money from the sale to pay off the entire mortgage, you’ll still owe us the amount that’s left over (a shortfall debt). We’ll tell you what this is as soon as possible.
- If you bought your home with other borrowers, each of you’ll be responsible for all the money borrowed. This is true even if you normally only pay part of the mortgage.
- We’ll take account of your income and outgoings when trying to arrange a suitable payment plan for this shortfall debt with you.
- If we can’t arrange a plan, we may go to court to recover the money, and you might have to pay additional court costs.
- If a shortfall debt is not paid, it could affect whether you are able to get credit in the future.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.