Out of all the people that you may owe money to your monthly mortgage is one payment that should try to prioritise. However, it is also the one organisation that will potentially be the easiest to negotiate with as they have 'security' for their loan to you (your house).
If you are having difficulties with your mortgage payments consider the following:
1) Contact your lender and agree a plan
2) Interest only
If you believe that you will not be able to pay anything toward the mortgage repayments, but that you will be able to in the future (for example when you get a new job) then it is possible that your mortgage company will grant you a 'mortgage holiday' which means that you will not have to make the mortgage payments for a set amount of months.
4) Extend your mortgage term to reduce your payments
5) Change mortgage
You could obviously apply for a new mortgage with a different lender.
REMEMBER: Your mortgage company does not have to agree to 1-4 above and if they do not it will be open to them to issue possession proceedings against you to take possession of your home.
If you are not happy with the way your lender deals with your case, you can make a complaint. Find out about your lender’s internal complaints procedure. If this doesn’t work, you can complain to the Financial Ombudsman Service. For more information about this service, visit www.financial-ombudsman.org.uk
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