Mortgage support helps borrowers

It’s no secret that many mortgage holders have had a tough year. Soaring interest rates, on top of other cost-of-living pressures, have put pressure on household bills. Thankfully, there are three key reasons for mortgage holders to stay calm…

Repossession is a last resort

If you’re worried about your mortgage payments, lenders can help with a payment plan to get you back on your feet. In the first three months of this year, only 750 homes and 410 buy-to-let properties were repossessed*. If you are finding it hard to keep up with costs, the best thing to do is communicate with your lender early.

Room for manoeuvre

In tough economic conditions, existing borrowers are finding new ways to mitigate higher bills. Examples include extending the term of their mortgage. This can reduce the burden now but will ultimately result in more being paid back in total.

Job security and protection are key

The jobs market has remained resilient. Lenders say the most common reasons for people falling behind on mortgage payments generally involve life-changing events such as a job loss or serious illness, highlighting the importance of protection policies such as income protection or critical illness cover.

Your home may be repossessed if you do not keep up repayments on your mortgage

*UK Finance, 2023

21 November, 2023

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