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Problems Paying Mortgage

[vc_row][vc_column][vc_column_text]Problems Paying your Mortgage

If you are having difficulties with paying back your mortgage or you are worried losing your home, you might be tempted not to pay attention to the problem. Below is a list of things you could do to get yourself out of the situation.

Step 1 – Contact your lender

Step 2 – Confirm if you have an insurance cover

Step 3 – Take necessary actions to reduce your costs

Step 4 – Talk to a debt counsellor in UK that offers free service

Step 5 – Find out if you can get help with your mortgage payments

If you are bothered about being repossessed, or selling your home as a last resort, you should do them.

Step 1 – Contact your lender

The lender will be willing to offer help as well as show you the available options and will attempt to reach an agreement with you, and also consider changing the way you make payments and when you make them.

If an individualhappens to fall into arrears within 15 days, the lender will do the following:

  1. Tell them the exact amount outstanding under their mortgage
  2. Give them time to amend the shortfalls in payments
  3. List all the payments they have missed
  4. Tell them the total sum of their arrears
  5. Tell them the total of any charges they have incurred for missing any payments

In addition, the lender will not look for repossession unless all other reasonable attempts made to resolve the situation failed, and the individual must be notified before the action is taken.

Ensure to offer to pay back what you can afford while discussingyour options with the lender and also ensure you pay back some money as it is better than not paying anything at all as this will help reduce your arrears. You can also consider extending your mortgage term. Do not delay to get in touch with the lender within a short period of time.

Step 2 – Confirm if you have insurance cover

Mortgage Payment Protection Insurance, also known as Accident, Unemployment and Sickness insurance, can help you with your mortgage repayments if your income has fallen because of your in ability to work or due to sickness.Check your mortgage documents or ask your lender for it if you do not find it.

Step 3 – Take necessary actions to reduce your costs

Spend some time to check your spending habits and find out if you can conserve funds anywhere.

To help see where you can do this, check how much you spend and compare it with how much you earn then separate your spending into essential and non-essential items. Lower your spending on non-essentials and also learn how to budget. In other to lower your spending, check

Examine the Direct Debits that leave from your account monthly – things like athletic facility membership and magazine subscriptions. Consider whether or not you are obtaining worth for cash out of all of them and if not, cancel them.Try listing the smaller non-essential things you get everyday and place them according to priority then decide off the lower priority things 1st and cut them out one at a time

Step 4 – Talk to a debt counsellor that offers free service

As well as talking to your mortgage lender, take recommendation from one amongst the various free debt advice charities and organizations. A trained money consultant from an independent agency, will offer you free and impartial recommendation. There are alternative charities that may assist you speak through your condition and supply information on wherever to search out for solutions.

Step five – Find out if you can get help with your mortgage payments

Find out if you’ll be able to get assistance with your mortgage payments. Also depending on the situation you find yourself, you may be eligible for some benefits or assistance from government which would aid you pay the interests.[/vc_column_text][/vc_column][/vc_row][vc_row el_class=”seo-link-sec hide”][vc_column][vc_empty_space height=”50px”][vc_column_text][slick-slider category=”28″ design=”design-5″ speed=”2000″][/vc_column_text][/vc_column][/vc_row][vc_row el_class=”call-out-sec stretch-sec” css=”.vc_custom_1568018042545{background: rgba(0,0,0,0.88) url( !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;*background-color: rgb(0,0,0) !important;}”][vc_column][vc_column_text]

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Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of our Independent Mortgage Brokers to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisers working for or with Independent Mortgage Brokers are fully qualified to provide mortgage advice and authorised and regulated by the Financial Conduct Authority. All our independent Mortgage Brokers will offer advice specific to you and your needs and circumstances. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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