What can I do if I’m struggling to pay my mortgage?

We care about your situation and will offer mortgage advice relevant to your needs

Mortgage rates have risen due to the increase in interest rates and, as a result, around 3.1m people on tracker, variable or fixed rate deals will be affected by increasing monthly bills. (1) 

Are you finding it difficult to keep up with your mortgage payments?

If you are worried about how you will maintain your monthly payments or have already missed a payment, it is advisable to contact your lender immediately, and the earlier you can do this the better. The lender is obliged to treat you fairly and will look to provide options to help.

You are not on your own. We’re here for you whenever you are ready

We are available to talk during the day, in the evening and at weekends to discuss your situation and to answer any queries you may have. 

Our advisors have access to specialist mortgage lenders not found on the high street widening our chances of finding a solution that matches your needs and circumstances. 

We are here to provide help and advice whenever you need us, either on the phone, by email or by using the contact form below. 

What happens if I miss a payment?

If you have been unable to make a mortgage payment, this will be reflected on your credit file and will affect your ability to borrow in the future. It is advisable to avoid reaching this stage and to contact your lender as soon as possible.

What is the government doing to help?

The Chancellor met with the UK’s largest mortgage lenders, UK Finance and the FCA recently and agreed a new mortgage charter which describes the lenders’ new commitments to support borrowers to help them through this difficult period.  

‘These measures should offer comfort to those who are anxious about high interest rates and support for those who do get into difficulty.’ Explains Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer. (2)

‘Whilst this is an uncertain time the latest market indicators (FCA; UK Finance) show that mortgage arrears and defaults remain below pre-pandemic levels, which were themselves extremely low.’ (2)

Can I take a mortgage holiday?

A mortgage holiday is a way of delaying your repayments for an agreed period, however, this decision will be based on individual circumstances and will not be offered if you have already missed a payment and are in arrears.

Is there a chance I could lose my home?

People worry about repossessions, and, understandably so, due to the worry of having their home taken from them to repay the debt. However, there are fewer repossessions than you might think as many people decide to sell their home first, releasing equity to pay back the mortgage.

Our advisors are available for advice about repossessions, and you can also get assistance direct from your lender. 

Mortgage advice from people who care 

If you are finding it financially difficult and are worrying about meeting your mortgage payments, please reach out for help as soon as possible. We are here to talk through the options and provide advice relevant to your unique circumstances so that you are more informed when you talk to your mortgage lender. 

Your home/property may be repossessed if you do not keep up with repayments on a mortgage.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances but will be agreed with you before proceeding.

1) https://www.bbc.co.uk/news/business-63486782 
2) https://www.gov.uk/government/publications/mortgage-charter/mortgage-charter 


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