In the first part of this article we discussed the first (and most important) step you must take to avoid defaulting on your mortgage and losing your home to a repossession in the UK. You see, in Scotland, North Ireland, Wales and England the law requires lenders to follow a pre-action protocol. This set protocol manages the repossession process and forces lenders to help borrowers find different ways to repay their mortgage. Once you have have contacted there are further steps you must take to guarantee you are doing everything you can to save your home.

Step 2. Get free help from a professional money advisor.

Shared ownership mortgages are a popular product for first-time buyers and homeowners who are struggling to pay their mortgages. They offer buyers the opportunity of enjoying some of the benefits of home ownership at a reduced cost. Are they a good way to take your first step on the property ladder? What are the risks associated with them? And what shared ownership mortgages are now available?

This series of articles on shared ownership mortgages will provide you with the answers to these and other questions on part-buy/part-rent schemes.

Definition:

Do I Qualify For SMI?

Some people wonder whether they qualify for SMI or not. One of the best ways to know this question is to examine exactly what SMI is and how it is used. SMI is reserved for homeowners who receive income related benefits. This will help them get qualified for mortgage interest payments. SMI is short for Support for Mortgage Interest.