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Are you worried about or struggling to pay your mortgage?

Donna Matthews

Updated: Jun 30, 2022

Paying your mortgage during the cost of living crisis

Speaking with my clients and as a homeowner with a mortgage myself, I am very aware of the concerns and worry being caused with the daily media coverage surrounding inflation levels and the cost of living crisis. If you are struggling to make your mortgage payments, there is help out there for you.

Getting financial advice from a qualified mortgage or financial adviser is one of the first steps you can take. Often people feel this will come at cost so don’t seek out mortgage brokers but I would always suggest you call around, get recommendations and ask. Not all brokers charge a fee and many are happy to waive theirs when needed but even when they do, this will be disclosed right at the outset, so you can still choose to walk away if you want before incurring any charges.

You should also speak to your current lender who has to treat you fairly and consider any request you make to change the way you pay your mortgage.

Depending on your circumstances, your lender might offer you the option to:

  • take a payment holiday - you might be able to take a break from paying your mortgage, known as a “payment holiday”

  • repay what you owe at a later date - you could arrange to have what you owe added to the capital outstanding on the mortgage. This is called 'capitalising the arrears'

  • reduce the amount you pay for a short period of time - you might be able to pay less towards your mortgage for the next few months

  • repay your mortgage over a longer period - this is called extending the mortgage term. This can lead to lower monthly payments initially, although it also means paying more interest over the term.

  • reduce your monthly interest rate - you might be able to negotiate a lower interest rate if you have equity in your property and you can remortagage to another lender or take a new rate with your existing one.


  • change to interest-only payments - this is where you only pay off the interest on what you borrow each month. This should only be done for a short time as the interest owed will be added back onto your outstanding mortgage amount, meaning your payments may go up when you revert to repayment and will put your home at risk if you remain on interest only, without a suitable repayment vehicle in place.

Other possible means to help could be:


· Support for Mortgage Interest If your income and savings are low enough and you’re entitled to benefits, you might be able to get a government loan to help with mortgage interest payments. This is called Support for Mortgage Interest. Even if you can’t get it, maybe someone in your household can. This is paid as a loan and will need to be repaid if you sell or transfer ownership of your home.

· Check whether you have insurance If you’ve lost your job or your income unexpectedly, check if you have mortgage payment protection insurance. You might have taken a policy out when you got your mortgage or later. Your insurance might not be with your lender.


There is further information available with both Citizens advice and Money Helper:





Your home may be repossessed if you do not keep up repayments on your mortgage

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £199

Please be aware that by clicking on to the above links you are leaving Honeybee Mortgage Solutions website. Please note that Honeybee Mortgage Solutions nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.





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Donna Matthews  trading as Honeybee Mortgage Solutions is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK

Please be aware that by clicking on to the above links you are leaving Honeybee Mortgage Solutions  website. Please note that Honeybee Mortgage Solutions nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page

There may be a fee for mortgage advice. The precise amount will depend  upon your circumstances but we estimate it will be £199 for residential mortgages and £499 for Buy to Let mortgages

Please see our Website’s Privacy, Complaints and Cookies policies on the "Privacy, Complaints and Cookies" page under "More" on the website

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.

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