The main reason for anyone to enter into a mortgage is to gain an investment property that will help you with financial freedom. When you don’t pay your mortgage you are damaging your credit history, financial freedom, and you will incur a CCJ mortgage. First of all any unpaid debt that becomes delinquent will be reported to the credit agencies and your credit scores will fall.
This will make it more difficult in the future to gain credit for mortgages and other financial assistance. When you purchase a home you are hoping to gain equity from the house whether you sell it or re- mortgage the loan to gain the equity. When you don’t pay the mortgage on your home you may lose all of the equity as well as the home itself.
A CCJ mortgage is a county court judgment against you for the debt of the mortgage. This means the court can demand payment for the debt you owe on the mortgage, which also affects your credit history. If payment is not rendered, you can lose the house to the bank. Again you will also have trouble getting another mortgage in the future.