If you can't afford your mortgage payments

There are a variety of things you need to do when you are in this position of having mortgage arrears and the quicker you act the better. Don’t just sit there, you could potentially lose your home and tarnish your credit file for quite some time, putting you in a position of not being able to get any finance to live, keep a roof over your head and also making it difficult to rent a property after.

If you have missed a mortgage payment or even if know you are about to miss some or all of your next mortgage payments, call your mortgage lender immediately. Explain to your mortgage company exactly what your position is, they may even have a solution or even be prepared to offer you what is known as a payment holiday.

Complete a household expense sheet as soon as you possibly can. This is a basic list of your entire out goings. This will provide you a rough indication of what you are actually spending. Many people find themselves in a position where they can cancel or remove such out goings, which are a luxury items rather than essential items i.e. Sky TV is a luxury item and electricity is an essential item.

Cancel all non essential items (luxury), reducing your monthly out goings.

Make sure you are not paying your unsecured debts i.e. credit cards, bank loans, car loans instead of the mortgage payment. Reduce spending or negotiate smaller payments on unsecured debts to enable you to pay your mortgage.

Also see:

Mortgage arrears
Paying mortgage arrears
Check your credit record
Mortgage arrears can end up with repossession
Late payments may not be arrears

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