Solutions when faced with mortgage arrears

Rising mortgage costs make it difficult for some home owners to pay their monthly mortgage dues or find themselves with mortgage arrears they have no idea how to pay. If you are worried of falling behind mortgage payments, you should act now and get mortgage arrears help. Here are options you can explore when faced with mortgage arrears.

Get professional advice and help. There are experts who are sources of advice and can provide you with much-needed mortgage arrears help in whatever way they can. You can seek out debt advisers and legal advisers. Some debt advisers provide their services for free. You can also contact the Mortgage Arrears Information Helpline.

Contact your mortgage lender. Since you already know that you can’t afford the following monthly mortgage dues and you want to avoid house repossession, inform your mortgage lender immediately. Your mortgage lender needs to know your current mortgage problems and financial situation so he can give you recommendations or information on options you can explore.

Read up on consumer protection codes and recent legislation on mortgage arrears. Mortgage lenders are bound by specific codes of conduct in dealing with home owners experiencing problems in paying their mortgage. These codes of conduct also extend to provide protection to borrowers. Being aware of your rights might come in handy. Also keep up to date with news and new legislation regarding mortgage issues.

Apply for mortgage interest supplement. The government provides mortgage arrears help. If you recently lost your job and your income is drastically reduced as a result, you are eligible for a Mortgage Interest Supplement. Find out more about this and the process to apply for it.

Avail of tax relief. Tax relief is available on some mortgage interest payments. Find out if you can claim the tax relief for your mortgage interest dues or if it has already been applied.

Use insurance or mortgage repayment policies. Some private residences are covered by a mortgage protection policy which acts as an insurance in the event of your death. There is also the mortgage repayment policy which provides financial support should you suddenly lose your job and as a result, experience an abrupt reduction in income. If your property is covered by any of these policies, read the policy terms and figure out if and how you can liquidate the money and apply it to mortgage arrears.

Sell your property. There are quick property sale companies out there that specialize in selling houses and properties in as quickly as a few days or weeks. This is another option you can consider. Find a reliable property sale company who can buy your house or find a third party buyer for you. Make sure that proceeds from the sale should be enough to cover your outstanding mortgage fees.

Put up rooms for rent. If you have rooms to spare in your house, you can convert them into for-rent rooms. Use the extra income to pay for mortgage repayments.

Try the mortgage-to-rent scheme. Mortgage-to-rent is a government scheme wherein a housing association buys your property and ownership passes on to them. This new owner would then rent out the property to you.


Richard Mathing is a well known writer providing informative articles on internet to spread awareness.He has written articles for many categories and now he is writing about Sell your property and Mortgage arrears-free information and debt advice.For any query and details visit us at http://www.aquickpropertymove.co.uk.