What to do if you can’t pay your
mortgage or you have missed a
The cost of living crisis is hitting hard and there are warnings of a
long recession. Many people are facing uncertainty around their jobs
and meeting their monthly outgoings including their mortgage.
Debt can be a crippling and very stressful experience, knowing what
to do in these circumstances can help to ease the pressure.
Find out what to do if you have inadvertently missed payment or
are struggling to pay your mortgage.
Mortgage arrears occur when, for whatever reason you miss a
mortgage payment. Missing a mortgage payment will be noted on
your credit record, but these are blemishes and not longstanding
damaging marks. If you miss three or more payments then your
mortgage account will be put into default.
This is registered automatically by lenders and will be marked on
your credit record. This does have more impact on your credit record
and your ability to obtain credit.
Most lenders will try and find a resolution with you before starting
the repossession process.
What to do
if you miss
If you miss a mortgage payment you should immediately review
your finances to find out why. Was it a simple error or are you
If there was an error contact your lender and let them know that
there was a mistake and that you have the funds available. They will
then advise how to make the payment.
If you pay by direct debit, in most cases the payment will be
requested for a second time and it is only after the second attempt
that the payment will be officially classed as missed.
What to do
if you can’t
If your missed mortgage payments are due to financial difficulties
and you are struggling to make ends meet in these difficult times
there are a number of things you can do.
First review your finances and look at income and expenditure, can
you cutback on any expenses? Do you have any entertainment or