Selling your home as a last resort. If you’re finding yourself in mortgage arrears, selling your home can feel like a daunting last resort. However, there are many reasons why it might become a necessary consideration and it might help to understand when and why selling might be the right step for you. First, let’s […]
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How can I manage my personal finances better? Managing your personal finances better is all about understanding your financial situation, setting clear goals and making informed decisions. Start by creating a detailed budget that tracks all your income and expenses. This will help you see where your money is going and identify areas where you
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Struggling to pay your mortgage? When your mortgage payments start falling into arrears, it’s natural to feel a bit panicked, but the good news is that negotiating with your mortgage lender can often provide a path out of the stress. The first thing to remember is to communicate early and openly. Your lender can’t help
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What is the current average monthly mortgage payment in the UK? The average monthly mortgage payment in the UK has seen quite a bit of variation depending on a few key factors such as the interest rates, deposit size and the specific region. As of early 2024, the average monthly payment is around £1,441.36 for
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What does it mean if you have negative equity? Negative equity in home ownership is a topic that can be quite daunting, but you break it down, it can be easy to understand. When you buy a house, over time you pay down your mortgage while hopefully the value of your home increases. This increase
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Are you a mortgage prisoner? A “mortgage prisoner” is someone who, despite being up-to-date with their mortgage payments, finds themselves unable to switch to a new, more affordable mortgage deal. This situation typically arises due to stricter lending criteria introduced after the 2008 financial crisis. Before the crisis, mortgage lending was much more lenient, with
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Have you held on as long as you can with your mortgage? In the current UK housing market, an increasing number of homeowners with mortgages are reaching a critical decision point. Many have held on as long as they could, but the ongoing financial pressures, including high mortgage rates and the cost of living crisis,
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Can I ask my mortgage company to remove late payments? If you’re dealing with the stress of a late mortgage payment and wondering whether you can ask your mortgage company to remove it from your credit report, the answer is subtle. Here’s a friendly guide to help you navigate this situation. First, it’s important to
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What is the mortgage guarantee scheme? The UK Mortgage Guarantee Scheme is a government initiative designed to help prospective homebuyers with smaller deposits get on or move up the property ladder. Initially launched in April 2021, the scheme has been extended and is now available until June 2025. It aims to increase the availability of
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Communication breakdown with your mortgage lender? When homeowners find themselves in mortgage arrears, the path to resolving the issue can be fraught with challenges, especially when communication with lenders breaks down. This article explores cases where homeowners have made sincere offers to get back on track, only to have those offers rejected by lenders. Common
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