Mortgage support helps borrowers

Three key reasons for mortgage holders to stay calm…

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

More news

14 June, 2024

Do you have pets? If so, is your home sufficiently insured against potential damage?
It’s not just pet insurance you need to think about, as a survey has highlighted a common misconception that destruction caused by pets will always be covered by home insurance1. In reality, it depe

14 June, 2024

Getting onto the property ladder has always been a challenge, but perhaps even more so at the moment
Managing monthly payments Higher mortgage repayments are a particular barrier to homeowning; between March 2022 and November 2023, the average mortgage rate for FTBs increased from 2.2% to 5.6%2. To m

10 June, 2024

Is it time to review your life insurance policy? We understand that it might not be easy to revisit
  Life insurance is calculated depending on each person’s circumstances and how much protection their surviving loved ones would need in the event of their death. As things inevitably change, i