What happens if I can’t pay my mortgage?
Fact Checked
Written by Crystal Clear Financial Planning
13th October 2023
Throughout 2023, it’s estimated that 1.8 million fixed-rate mortgage deals will expire1. With mortgage rates at their highest in 15 years2, many of those who remortgage will see their repayments increase sharply.
Understanding your options
I am stressed and not sure what the best option is for me, what shall I do? You could get in touch with your lender, as they may have options available for homeowners who are struggling.
For example, you might be able to:
- Switch to an interest-only mortgage – instead of a repayment mortgage, where you repay the capital plus interest
- Extend your mortgage term – this will lower your monthly repayments – however, it means you’ll pay more interest overall.
You could also consider reducing subscriptions to services like Netflix, shopping around for better deals on broadband and insurance, and drawing up a budget to see where else you might be able to cut costs. You might also be able to take a payment holiday or reduce the amount you are paying for an agreed period.
Before making any decisions, it’s a good idea to speak to us first. This is what we are here to do, be the guiding hand through all your financial needs.
We understand that times are tough and trying to find the right mortgage lender for your needs and circumstances is tricky. That’s why we have access to whole of the market for lenders, meaning we do all the work for you and have a variety of different lenders to choose from, to find the best for you.
Here to help
We understand that many homeowners are very worried about rising mortgage rates. We are here to advise you about your options and help you make informed decisions about the future – so please get in touch:
📞01332 382917 📧info@ccfpl.co.uk
*Your home may be repossessed if you do not keep up repayments on your mortgage*
1 UK Finance, 2023
2 Money Facts, 2023
Here at Crystal Clear Financial Planning, we have one goal in mind – to help you get the right mortgage for you & provide our specialist advice on all your insurance and protection needs, making sure you and your family are protected should the unexpected happen.
Our friendly team can cover the whole of the UK, providing our specialist knowledge and a guiding hand on the decisions that matter the most to you. With advisers based in Derbyshire, Nottinghamshire, Leicestershire, Birmingham, & Surrey. Our team is constantly growing to make sure we can be the guiding hand through all your financial needs!🤝🏼
*Your home may be repossessed if you do not keep up repayments on your mortgage.As with all insurance policies, conditions and exclusions will apply
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