In the last year or so, many have found themselves struggling with their mortgages. Others have found their mortgage payments have dropped due to the record low base interest rate. Yet with talks in the media that interest rates are likely to rise this year, the storm isn’t weathered yet. If you find for whatever reason you cannot make your mortgage payment then the key is to act fast; don’t bury your head in the sand.

Help is actually available and any good mortgage adviser will tell you that the sooner you contact the mortgage lender and keep them informed, the sooner they may be able to help you.

According to an article by Directgov, the majority of mortgage lenders are very keen to ensure they can work with any struggling customers to help them prevent the situation from escalating.

Your payment history will usually be taken into account when working out actions. Options lenders may look at include a temporary payment reduction, an agreed payment holiday, extending the mortgage term or placing you on interest only for a period. By paying as much as you can, this demonstrates your commitment to the lender.

According to Directgov:

“If you’ve already fallen behind, your lender will suggest a way to pay off the arrears gradually, alongside your usual payments. If you can’t meet the extra payments, you may be able to delay them for a while or add them to your loan. Again, it depends on your track record.”

If you are struggling due to redundancy, then check for any benefits to which you might be entitled, such as Working Tax Credit, Child Tax Credit or Council Tax Benefit. Free advice is also available from places like the National Debtline or your local Citizens Advice Bureau.

Those training to become mortgage advisors will learn about this aspect of mortgages on their CeMAP training course too.

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