Info those struggling to pay their mortgage

hyposmurf

This isn't something that will hopefully effect me in my current situation.However I thought it would be helpfull for others who are in financial difficulty.
Just wondering what info people have got for those who are finding they're struggling with mortgage payments.Where they can go for help.What they can do to help ease the payments.

For instance some mortgages allow you to take a payment holiday.Your'e better off paying your mortgage off than taking payment holidays but if you're in a tight squeeze with payments, you could save a months payment, which you can then be spread to make the further payments thoughtout the year easier.
Some mortgages don't have mortgage payment holidays so you must check with your lender.

Worst thing you can do is not talk to you lender and not look for any help.

cattie

Best thing to do if you're struggling with mortgage repayments is to contact your lender asap to see what help or advice they can offer you.

Anybody with a spare room who is struggling with mortgage repayments should seriousy consider getting a lodger in for the empty room. If you've got the space then make your home help pay for itself this way, rather than risk losing the roof over your head.

silvercar

Consider going interest only for a few months. It won't help reduce the capital owed, but will keep your credit rating unaffected.

If you do see redundancy looming, sort your mortgage out while you have an income rather than waiting. Double whammy to find you have no salary and a mortgage deal ending with nowhere to turn.