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Mortgage Arrears

If you can't meet your mortgage repayments, or you're worried you might fall behind, contact your lender as soon as possible to try and make arrangements to help you sort out your difficulties. Mortgage lenders are keen to help their customers sort out any payment difficulties and may be able to come to a payment arrangement with you.



If you're struggling to make the payments

Depending on your payment history and whether your difficulties are likely to be long or short term, your lender might agree to:

1. reduce your payments for a set period
2. if you have a repayment mortgage convert to an interest only mortgage for a short period please remember though your mortgage balance will not reduce.
3. give you a 'payment holiday'
4. extend your mortgage term to reduce your payments - this will increase the amount you repay over ther term of your mortgage



If you're already in arrears



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 and your lender.

If you don't keep up your repayments
It's very important that you don't ignore any payment problems. Mortgages are 'priority debts', which you should pay off first as your lender could repossess your home and sell it to get their money.

Remortgaging
If you are having difficulty with your mortgage payments a remortgage may help you restructure your finances especially if you haven't yet incurred any mortgage arrears. When you enquire for a remortgage via wise buy it will be looked at buy a qualified mortgage adviser who will try and find a remortgage to suit your circumstances.

If you haven't reached the end of your discount / fixed period of your mortgage you may have to pay early repayment charges and in some cases a secured loan may be more suited to your circumstances. All mortgage enquiries will be treated on a case by case basis and you will receive no obligation help and advice from a qualified mortgage adviser.