A worried woman looking at paper.

Mortgage arrears and missed payments

Buying a home is usually the single biggest purchase we make in our lives. It’s a big moment and can offer us stability in our living conditions. However, financial problems can often lead to difficulty paying our mortgage, creating untold stress and anxiety. Getting into mortgage arrears could result in losing your home, but fortunately there are many ways to avoid this. If you would like to chat to someone from East Dunbartonshire Citizens Advice Bureau about your situation, you can arrange a meeting here. The most important thing is to realise that missed payments happen, and there is usually a way to fix it. Here are some steps to take if you find yourself in this situation. 

Speak to your mortgage lender

As soon as you realise that you have or you will be unable to make a mortgage payment, you should speak to your lender straight away – don’t wait for them to contact you. They must treat your fairly and work with you to find a way forward. If it is just one month you have missed, you may be able to pay a little extra over the next few months to pay it back. 

If you see yourself struggling to pay your mortgage each month, you may also be able to reduce your monthly payment going forward. This would mean it takes longer in total to pay back your mortgage. However, should your situation change for the better, you can always speak to you provider and alter your monthly payments to suit your income again. 

You may be able to arrange a payment holiday with your provider. This will give you a period of time when it is agreed you won’t have to pay your mortgage. Although you will still be paying interest on your mortgage, it can give you a few months to sort out your budget. 

Your mortgage provider will want to work with you in order to find a fair and appropriate solution. Don’t put off speaking to them as the problem won’t go away by itself – call them as soon as you can.  An older couple worry over their mortgage.

Speak to your insurance

If you are having difficulties paying your mortgage through illness or redundancy, check your insurance policies to see if they can help you. Some cover mortgage payments in the event of accidents, long-term sickness or job loss. 

Work out your budget

With the cost of living on the increase, it’s a a good idea to regularly work out your incomings and outgoings. This is especially true if your mortgage repayments have recently gone up. So, take some time to see where your money is going each month and how much you have left over. This is a good way to discover where you could make savings, perhaps through cancelling subscription services you do not use anymore. 

Speak to us

If you are struggling to pay your mortgage then make a point of speaking to us at the East Dunbartonshire Citizens Advice Bureau. We can offer advice on what your next steps could be. You may also be able to get support for paying your mortgage – check out our blog on Support for Mortgage Interest loans here. Even if you have reached the stage where your mortgage provider is threatening to repossess your home, there are still alternative ways forward. Book a meeting with one of our experts today and let us help you find a way forward with your mortgage arrears.

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