Mortgage Support

Now the Mortgage holidays are over what support is available?

  • Speaking to your lender is important if you are in arrears (you cant pay your mortgage)

  • Find out if you have mortgage payment protection insurance (MPPI) This can help cover costs while you are unable to make payments.

If you are struggling with payments due to the Coronovirus pandemic then informing your lender of this might mean they can offer you support.

Prevention

Money Saving Expert has some advice on preventing getting into arrears.

Support for Mortgage interest

The Government do have a support programme called SMI - or Support for Mortgage Interest

To get SMI, you need to be receiving income support, income-based jobseeker's allowance (i-JSA), income-based employment and support allowance (ESA), universal credit or pension credit.

Repossession

Remember, if you cannot pay you can face repossession.

Most lenders don’t want to face repossession, and if they do it will mean the house is sold by auction. You could be better trying to sell the house yourself to get a higher price and pay off your debts.

For support on managing your debts consider:

  • Visit National Debtline, or call 0808 808 4000 – full debt help service.

  • Visit Citizens Advice, or your local CAB centre – full dept and consumer advice service.

  • Visit Christians Against Poverty, or call 01274 760720 – debt counselling agency which specialises in helping those who are struggling emotionally too. The religious focus is why they do it, not how they do it.