I am struggling to keep up with my mortgage payments
Pages in I am struggling to keep up with my mortgage payments
- 1. What you can do
- 2. What help can I get?
- 3. You are here: I have mortgage arrears
3. I have mortgage arrears
Start paying back your arrears as soon as possible.
Having arrears can lead to extra charges that will increase the total amount you owe. So it is vital you repay your arrears sooner rather than later. Use your personal budget to help you work out how much extra you can pay.
Have the arrears added to your mortgage. To do this you must ask your mortgage lender to capitalise your arrears. This means adding your arrears to your total mortgage balance, which spreads the arrears across the remaining time frame of your mortgage. Please note this will increase your monthly mortgage payment and your lender will not agree if you have got a previous history of a failed repayment plan.