Difficulties paying your mortgage

26th January 2020

Difficulties paying your mortgage

Mortgage lenders do not want to repossess your home – it really is a last resort

If you have a mortgage, you will be expected to make regular monthly payments to your lender. How much you pay will depend on the type of mortgage you have, the term of the loan and the rate of interest on it.

Options to help you

If there are any changes in your own or your household’s circumstances, it may help if you let your lender know if the change will affect your ability to repay your mortgage.

If your lender knows there is a problem, they can then discuss options to help you. The earlier you make contact, the greater the chance that you will be able to sort something out. Some households may find themselves under certain financial pressure which translates into an inability to make mortgage payments. If this happens to you and you have a mortgage, it’s important to realise that mortgage lenders do not want to repossess your home – it really is a last resort.

Managing paying your mortgage

If you are in arrears with your mortgage or fear that you may have difficulty making repayments in the near future, you can increase your chances of managing the issue by contacting your lender quickly.

The worst thing to do is to ignore the problem. Mortgage lenders recognise that some people may not be able to pay their mortgage for a period of time and that there can be different reasons for this. They will be aware that some borrowers may struggle with their repayments because of changes in their personal circumstances.

Relevant money advice

These can include job loss, relationship breakdown and bereavement, amongst others. Mortgage lenders are committed to helping their customers remain in their home, and they offer solutions that are tailored to the individual circumstances.

Your mortgage lender will also help you to obtain relevant money advice through free debt advisers and work with you (and, if appropriate, the debt adviser) to agree a workable action plan.

Speak to someone

If you are worried about your financial situation and want to speak to someone, the following agencies may also be able to help you:

What can I do now?

Call 0330 3322 614

& speak to one of our advisers

What can I do now?

Call 0330 3322 614

Speak to one of our advisers

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE


Content of the articles featured in this website are for your general information and use only and is not intended to address your particular requirements or constitute a full and authoritative statement of the law. They should not be relied upon in their entirety and shall not be deemed to be, or constitute advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. 

Summary
Difficulties paying your mortgage
Article Name
Difficulties paying your mortgage
Description
If you have a mortgage, you will be expected to make regular monthly payments to your lender. How much you pay will depend on the type of mortgage you have, the term of the loan and the rate of interest on it.
Author
Publisher Name
Forces Family Finance
Publisher Logo
Armed Forces, Budgeting, Finance, Housing, Information, Mortgages

GET IN TOUCH

Consultations available online, by phone or in person** at a time that suits you.

Call us now on 0330 332 2614 or submit your details below and we'll be in-touch.

 By submitting your details, you consent to their use as set out in our Privacy Policy.

 I am happy to receive future marketing communications from Forces Family Finance.

Cart