If you are having problems making your mortgage payments every month it can be a difficult and stressful time. You may take the opportunity to contact your lender and discuss several options which may be available to you in order to help settle your mortgage arrears:
- you may be able to reduce your payments for a certain time.
- they may change it to an interest only mortgage for a short time.
- they may decide to give you what is known as a ‘payment holiday’.
- they may choose to extend your mortgage term in order to reduce the monthly payments.
In order to decide which option they may follow they may make an appointment to see you to discuss your mortgage arrears and the cause of it, during this it may necessary to:
- provide them with a detailed information of are income, expenditure and debts.
- discuss any thoughts you may have on how to increase your income and reduce spending.
- discuss with them what suitable changes may make it easier for you to meet your mortgage payments.
It is always a good idea to discuss with your mortgage company the cause of your mortgage arrears and how you plan to move on from them. If your mortgage arrears are causing you much stress and worry then contact one of our friendly advisors on 0800 0122334 and find out if there is anything we can do to help you.