Can I Get Help with Mortgage Arrears?

Falling behind on your mortgage payments can be an anxious experience. But, there are several steps for getting help with mortgage arrears. Here’s some of the most common solutions:

The first step is to reach out to your mortgage lender. They may be able to offer you flexible repayment options or other solutions. Early communication can help prevent the situation from escalating.

In certain circumstances, your lender may allow you to take a mortgage payment holiday. This means you can temporarily pause your mortgage payments for a period of time. However, it’s important to note that interest will continue to accrue during this period and you will eventually need to repay the missed payments.

Your lender may also be able to reschedule your mortgage. This could involve extending the term of your mortgage or reducing your interest rate. Both options can lower your monthly payments.

There are also several organisations that can provide assistance to homeowners who are struggling with mortgage arrears. These organisations may offer advice, support and potentially financial assistance. Some of these include:

• Citizens Advice: Offers free, independent advice on a range of issues, including debt and housing.
• StepChange: Provides free, confidential debt advice and support.
• Shelter: A housing charity that can help people who are facing homelessness or housing problems.

The UK government has implemented various schemes to help homeowners in financial difficulty. These schemes include:

• Mortgage Interest Support (MIS): A government benefit that can help towards the interest payments on a mortgage.
• Support for Mortgage Interest (SMI): A government loan that can help towards the interest payments on a mortgage.

If you are unable to manage your mortgage arrears, you may need to consider selling your home. While this can be a difficult decision, it may be the best option for you in the long run.

Remember, seeking help early is so, so important. Don’t hesitate to reach out to your lender or seek guidance from an expert.

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