When you take out a mortgage, you’re committing to a long-term financial commitment. Your mortgage is likely to be one of the biggest expenses you have, and it’s essential that you keep up with your payments.
Unfortunately, there may be times when you can’t make your payments. This could be due to a change in your financial circumstances, such as losing your job or suffering an illness. In these cases, it’s important to know how to get support and relief from your building society or mortgage lender.
1. Contact Your Building Society or Mortgage Lender
The first step in getting support and relief from your building society or mortgage lender is to contact them as soon as possible. Explain your situation and ask whether they can offer any help or advice.
Most building societies and mortgage lenders have dedicated teams that deal with customers who are experiencing financial difficulties. They may be able to offer you a range of options, such as a payment holiday, reduced payments or a temporary switch to interest-only payments.
2. Provide Evidence of Your Financial Circumstances
To get the support and relief you need, you’ll need to provide evidence of your financial circumstances. This could include bank statements, payslips or documentation from your doctor if you’re unable to work due to illness.
You’ll also need to be honest about your situation and provide as much information as possible. This will help your building society or mortgage lender to understand your situation and find the best solution for you.
3. Consider Refinancing Your Mortgage
If you’re struggling to keep up with your mortgage payments, it may be worth considering refinancing your mortgage. This involves taking out a new mortgage to pay off your existing one, which could help to reduce your monthly payments.
However, it’s important to remember that refinancing your mortgage can come with additional costs, such as arrangement fees and early repayment charges. You should also consider whether you’ll be able to afford the new mortgage payments in the long term.
4. Seek Professional Advice
If you’re unsure about your options or need help negotiating with your building society or mortgage lender, it may be worth seeking professional advice. There are a number of organisations that offer free debt advice, such as Citizens Advice and StepChange Debt Charity.
A debt advisor can help you to understand your options and negotiate with your building society or mortgage lender on your behalf. They can also help you to create a budget and manage your finances more effectively.
5. Don’t Ignore the Problem
The most important thing to remember when you’re struggling to make your mortgage payments is not to ignore the problem. Ignoring the problem will only make it worse in the long run, and could result in your home being repossessed.
By taking action early and seeking support and relief from your building society or mortgage lender, you can avoid getting into further financial difficulty and protect your home.
6. Conclusion
If you’re struggling to make your mortgage payments, it’s important to know that you’re not alone. There are a range of options available to you, from payment holidays and reduced payments to refinancing your mortgage.
The most important thing is to take action early and seek support and relief from your building society or mortgage lender. Don’t ignore the problem, as this will only make it worse in the long run.
If you’re unsure about your options or need help negotiating with your building society or mortgage lender, consider seeking professional advice. There are a number of organisations that offer free debt advice and can help you to manage your finances more effectively.