Is the cost of living crisis and interest rate rise making it harder for you to keep up with your mortgage payments?
If your mortgage is starting to become a burden on your finances, don’t panic. There are things you can do to stop the situation spiralling before it’s too late.
Here are our top tips to help you stop your mortgage payments getting out of control:
1. Get advice from a regulated debt advisor
Seeking help from a Regulated Debt Adviser can help you understand your situation holistically and come up with a plan to tackle your arrears, including identifying whether you’re entitled to any benefits.
2. Contact your lender early
Lenders may be more inclined to agree to a repayment plan or other proposed solution if you alert them to potential problems early on.
3. Agree a repayment plan
You can propose a repayment plan to your lender even if possession action is underway. Your repayment plan should show that you can cover your standard monthly payment, plus extra towards clearing your arrears by the end of the mortgage term.
4. Increase your income
There are ways of increasing your income without having to be overly frugal or seek out a better paying job. Alternative sources of financial help are available if you know where to look and you are eligible for support.
Get more advice on what to do in our latest blog by Shelter.
If you’re facing a housing crisis and are fearing for your and your family’s safety and security, you don’t have to go through it alone. Get in touch today and let’s talk about how Foothold might be able to help.
*This information pertains to UK residents, therefore it may not be relevant if you are based outside the UK.
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