Sometimes repaying your mortgage becomes difficult because of events on which you
don’t have control over such as losing your job, illness or relationship breakdown. This may lead you to
mortgage arrears. If you don’t pay off the mortgage then it will have a negative effect on your credit
rating. But no need to worry there are many ways that can aid you in paying off your
Ways to help you out if your mortgage payments have fallen into
Communicate with the mortgage lender.
Explain all the circumstances that lead to arrears. Depending on your personal circumstances your lender may
to repay the arrears over a longer
give you a payment holiday
reduce your payments for a set
charge interest only for a period of
add up your arrears to the mortgage and allows you to pay
them back at a later time
There are many insurance policies which help
you out in paying off your mortgage for the short period of time you are in difficulty. Look into any
existing policies you may have on your mortgage that you can take advantage of.
Check out whether you have any state
benefits like child tax credit, working tax credit or council tax benefit. These funds entering the household
make a lot of difference
There are many schemes like the mortgage
rescue scheme which help you out in paying your mortgages. You may be able to approach them to help you.
Terms and conditions apply
Getting secured loans like
loans which give you instant cash may help you in
paying off your arrears at your worse times. The loan is set against your earnings and the repayment date is
usually on your next pay day.
Remortgaging is another option which you can
try. This helps you in releasing funds to pay off your existing mortgage payments and other outstanding
Selling your home in an ideal way such that
you will be left over with enough money to deposit on another property is an excellent way to get rid of
Increasing your income is another option to
pay off your arrears. You can do it by lowering the cost of other bills like life insurance or content
Refinancing with another lender by which you
can still have control on your property and save your home from repossession can sometimes
These are only some of the options that could help but it is always advisable to contact your lender
directly first as they may be able to advise you or come up with a repayment plan. It is better to think it over
before investing in a property and make sure that you will be able to pay off the loan without any problem. Be
cautious and try your best to avoid arrears.
About the Author:
My name is Kevin. I am a tech writer from UK. I am into
Finance. Catch me @financeport