Mortgage Lender Help

It's in their interests to help you

 

Mortgage Help is often available from the lender. There are more options available than you may think.

 

Mortgage Help From Lenders

Below are some of the options that may be available to you from your lender. Remember to seek professional independant financial advice for your situation before agreeing to anything.

• The mortgage lender may be able to add the arrears to the mortgage balance if the value of the house shows there is sufficient equity to do this.
• Your mortgage lender may be able to increase the mortgage term so that the repayments are lower. This lower repayment may mean you have spare cash to use to reduce your arrears.
• Changing from an Endowment Mortgage to a Repayment Mortgage and using the cash-in value of the endowment to reduce or pay off the arrears.
• Changing from a Capital Repayment Mortgage to an Interest Only Mortgage may be an option for the short term. This might enable you to catch up with the arrears but bear in mind you'll need to switch back to normal payments at some time and make up 'lost ground' in time ahead.
• Request your lender stops demanding payments for a set period of time. If you have a temporary drop in income but can make normal repayments but not make up arrears, you lender may agree to this. You must make sure that at the end of period you can make up the arrears.

 

Now is a good time to read myths about mortgage arrears