By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Topics

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Finance
    • Marketing
    • Technology
    • Business Books
    • Wellness
    • Interviews
    • Franchise

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Trending
    TrendingShow More
    Communicate Better
    Start Your Business Start Your Business
    Majority of UK Employees Looking for a New Job
    Start Your Business Start Your Business
  • How To
    How ToShow More
    5 Traps To Avoid When Starting A Clothing Brand
    Start Your Business Start Your Business
    How To Start A Maintenance Business In 8 Easy Steps
    Start Your Business Start Your Business
    Tips for Running a Restaurant in the Most Efficient Way Possible
    Start Your Business Start Your Business
    Becoming self employed…
    Start Your Business Start Your Business
    Vet Start up
    Start Your Business Start Your Business
  • Agenda
    AgendaShow More
    5 Business Tips For Opening A New Office
    Start Your Business Start Your Business
    How Design And Decor Can Boost Your Customer Experience 
    Start Your Business Start Your Business
    Easy Ways to Fireproof Your Small Business
    Start Your Business Start Your Business
    The Importance Of Accountants For Your Business
    Start Your Business Start Your Business
    How Online Coaching Can Help You Reach New Heights in Your Business
    Start Your Business Start Your Business
Reading: What If I Can’t Afford My Mortgage Repayments
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Contact
  • Blog
Search
  • Agenda
  • Blog
  • Finance
  • Growing
  • Marketing
  • Opportunity
  • Starting Up
  • Technology
  • Wellbeing
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

What If I Can’t Afford My Mortgage Repayments

Start Your Business
Finance
Share
5 Min Read

If you are in arrears with your mortgage repayments or worried about losing your home completely you may be tempted to ignore the situation and hope it will go away. This is what you can do and where you can find the help and support you need.

Contact Your Mortgage Lender 

Don’t be afraid to contact your mortgage lender as they will be keen to help you and advise on the options you have available. As your mortgage lender they must make a reasonable number of attempts to come to an arrangement with you or change the way you make the mortgage repayments or when you make the payments.

Your mortgage lender must do the following if you fall into arrears within 15 days –

  • Tell you the total amount of money owed as a result of missing the mortgage repayments.
  • Let you know the total amount of money outstanding under your current mortgage arrangement.
  • They must give you a reasonable time period to resolve the mortgage repayments.
  • Your mortgage lender must tell you the amount of any charges that have been incurred as a result of missing the mortgage repayments.

Only if all reasonable offers have failed to resolve the situation your mortgage lender could seek means of repossession. And even then, they must give you a reasonable amount of notice before such action takes place.

You Might Have Insurance Cover 

Mortgage Payment Protection Insurance can assist you with your mortgage repayments if you monthly income has decreased due to accident, sickness or redundancy. Make sure that you look through any paperwork you have as you might have taken it out when you first got you mortgage. You can also contact your mortgage lender to double check whether you have it or not.

Cut Down Your Spending

Spend some time looking at your spending habits to see if there are any areas where you can be saving money. Have a look through your outgoings and compare it to what you have coming in and then decide what you deem as non-essential and essential items. This can be done by simply looking at your current account using online banking. Cutting down your spending you will give you extra money that you can put towards your mortgage repayments.

If You Are Struggling Then You Need to Speak to Someone

As well as talking to your mortgage lender you can also get advice from many different debt advice organisations and charities. An experienced money advisor will be able to give you free and impartial advice about your debt.

You Might Be Able to Get Financial Help

Depending on your circumstances you might qualify for certain benefits or help from the government. You can use the benefit calculator on GOV.UK to find out more and whether you qualify for such benefits.

Consider Selling Your Home

If you know that your financial situation won’t be changing for the long term then you need to consider selling and moving home and relocating to a cheaper property or start renting instead. If you are considering selling your home then ask your mortgage lender if you can stay in the property until you manage to sell it. But, make sure that you have a stable place to live before moving home.

Things You Should Avoid

If you are considering doing any of the following things then seek the advice from a debt organisation before you take any action.

  • Selling Your Property Without Sourcing A New Place to Live

If your local council think that you have made yourself homeless on purpose then they might not help you find a place to live.

  • Taking Out More Loans 

Taking out additional loans can cost you more money as they are generally very expensive especially pay day loans. Don’t be tempted to apply for a new credit card as it won’t resolve your financial situation.

  • Giving Back the Keys 

Even if you are in debt and your mortgage is in arrears you are still responsible for the mortgage repayments before your property is sold. You may also be responsible for the outstanding balance if the amount raised by selling you home isn’t enough to cover the mortgage repayments that is owed to the mortgage lender.

TAGGED: header

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business December 13, 2018
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
We use technologies like cookies to store and/or access device information. Cookies are used for ads personalisation We do this to improve browsing experience as well as show personalized ads. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Join Us!

Sign up to our free newsletter and never miss a hot topic!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?