Keeping up with your mortgage payments should be your top financial priority. If you are evicted because of payment problems (repossession), you could become homeless. This doesn't happen automatically, but the longer you delay, the more difficult it will become to control your arrears and avoid long-term debts. If you have already been threatened with repossession, direct access to our team of trained Debt Advice Counsellors is available now.
CALL US NOW, FREE ON 0800 458 1897 to get free advice and find a solution.

Act quickly
Negotiate with your lender
Get advice
Pay as much as you can
Mortgage payment protection insurance
Work out your options
Reducing your mortgage payments

Act quickly
If you fall behind on your mortgage payments, you need to take action straight away. In some cases, the problem can be solved if you act quickly. Don't wait until the debt becomes unmanageable. Many lenders charge penalty fees if you miss payments. The sooner you deal with the situation the more options you have, and the less chance that you will lose your home.

Negotiate with your lender
If you have difficulty paying your mortgage (or think that you will have, for example because you have lost your job) it's important that to talk to your lender as soon as possible. Don't be put off because you think your situation is hopeless. There is often a solution. If you haven't yet decided what to do about the problem, explain to your lender that you are going to get specialist advice about your options. Direct access to our team of trained Debt Advice Counsellors is available now.

CALL US NOW, FREE ON 0800 881 8879

Most lenders will expect you to come up with your own plans for paying off your mortgage, rather than making suggestions as to what you should do. You need to show that you will be able to pay of any arrears you have and keep up with future payments until your mortgage is completely paid off. If you haven't worked out your options yet, it's still important to speak to your lender as soon as possible, to let them know that you are taking action to put things right.

You can either write to your lender or make an appointment to discuss your situation in person. You will need to:

• produce a detailed statement of your income, spending and debts
  
• explain any plans you have to increase your income or reduce your spending.
• explain what changes you would like to make to the mortgage and how the new arrangements will affect the future payments
  

Your lender will consider your proposal and decide whether to accept it. You may have to negotiate further. If you switch to a different mortgage, particularly if it is with a different lender, you may have to pay a redemption penalty. It may be possible to add any fees or redemption penalties to the your mortgage and pay them off over the rest of your mortgage term. Direct access to our team of trained Debt Advice Counsellors is available now. CALL US NOW, FREE ON 0800 881 8879

We specialise in bad credit mortgages and remortgages for people with an imperfect credit history. Our experienced team of experts search the whole mortgage market with a unbiased view to find the best mortgage deal whatever your credit history. We first look to the high street lenders to find the best deal and, if necessary, then to the lenders who consider a wider variety of cases and specialise in the bad credit mortgage market.

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Get advice
Negotiating with your lender can be complicated, especially if you are not sure what options are available. There are a lot of options for lenders but they can sometimes be reluctant to use them. You may want to get independent advice before you decide what to do. A specialist adviser can help you to look at all the options and put together a realistic and affordable proposal.Direct access to our team of trained Debt Advice Counsellors is available now.
CALL US NOW, FREE ON 0800 881 8879

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Pay as much as you can
Paying your mortgage has to be your top priority, even if you are under pressure to pay other debts as well. Losing your home through repossession would only make your debt problems worse, so it's essential to keep paying as much as you can afford. This will help to stop your mortgage arrears from rising too quickly. It will also show your lender that you are trying to tackle the problem.

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Mortgage payment protection insurance
Do you have insurance that would keep up your repayments for a time if you are unable to work because of illness, accident or being made redundant? Some people take this insurance out when they first take out their mortgage and then forget that it exists, as it may be included in your monthly mortgage payments.

If you have this type of insurance (which is different from a mortgage indemnity guarantee or life insurance), check the policy carefully. Many policies will not pay out until a few months after you are unable to work, and then for no longer than a year or two. You may need to make other arrangements to cover anything that is not covered by your insurance.

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Work out your options
The best way for you to sort out your payment problem will depend on your individual circumstances. If you want to stay in your home, you will need to find a way of stopping your arrears from rising while keeping up with your future payments. You also need to pay off any arrears that have built up so far. To do this, you need to consider:

• cutting back on non-essential spending
  
• increasing your income (through wages, benefits or renting out a room)
  
• reducing your mortgage and/or insurance costs
  
• If none of these options are possible, or you want to leave, you may decide to sell your home voluntarily and move someWere more affordable. You may also be tempted to give your keys to your mortgage lender, but this will probably increase your debts.

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Reducing your mortgage payments
Although you will eventually have to pay back the whole of your mortgage, there are several ways that it might be possible to change it to make your monthly payments more affordable, including:

• taking a 'payment holiday'
• switching to a different mortgage
  
• adding your arrears to your mortgage
  
• extending the number of years on your mortgage
  
• reducing or stopping your capital repayments temporarily
  
• reducing or stopping your endowment policy (or other investment) temporarily
  
• surrendering or selling your endowment policy or other investments
  

The best solution usually depends on the type of mortgage you have and your age and personal circumstances, including how much you owe, how much you can afford to pay each month and how many years are left on your mortgage. Direct access to our team of trained Debt Advice Counsellors is available now. CALL US NOW, FREE ON 0800 881 8879

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