There is a real risk of repossession if you fall into arrears with your monthly mortgage repayments. Borrowers face having their house repossessed if they miss mortgage repayments and cannot make up arrears. Lenders reclaims a house and sells it to make back the money lent.
The most vulnerable borrowers are usually first-time buyers who have limited equity in the property, thus face a greater risk of repossession. Repossession is a last resort for mortgage lenders, and the majority of mortgage arrears do not end up in repossession. The lender typically reaches an agreement with the borrower to pay off money owing. A multitude of missed repayments occur before legal action is evoked by the mortgage lender to claim for possession, although this will depend on previous payment history. If you get in to this situation seek as much financial and legal advice as possible and consider all options available to you. The borrower can often sell the house to avoid Possession.
Finally, a mortgage loan should be considered a priority, as failing to get out of arrears could lead to repossession of your home.