If you're struggling to pay, or are already in arrears
Depending on your payment history, your circumstances and whether your difficulties are likely to be long or short term, your lender might agree to:
- reduce your payments for a set period
- charge you interest only for a while if you've got a repayment mortgage (usually you pay capital and interest)
- allow you to pay off the arrears gradually, alongside your usual payments
- give you a 'payment holiday'
- extend your mortgage term to reduce your payments
- add your arrears to your mortgage and pay them back over the term
- let you stay in your home while you try to sell the property and find somewhere else to live
- suggest other assistance, such as one of the government schemes to help with mortgage difficulties
If you have other debts on top of your mortgage payment problem, you need to speak to one of our advisers. You may find that your best option is to agree to a reduced payment arrangement for any unsecured debts that you have, such as credit cards or personal loans. This will then free up some of your money to pay more towards your mortgage.
Mortgage arrears help
It's very important that you don't ignore any payment problems. Mortgages are 'priority debts', which you should pay off first as your lender could go to court to try and repossess your home and sell it to get their money back.
If you have other debts you should seek advice on which are the most important, and how to negotiate with different kinds of lenders.
If you have a mortgage, and have fallen behind with payments or are being threatened with repossession, then you need to get professional advice as soon as possible.
Our panel of specialists can quickly advise you on what to do if you have fallen behind with your Mortgage Payments. Simply call the team on 0800 088 2208. Alternatively take the online mortgage help finder and discover your best solution.