Will the Government help, if struggling to meet mortgage payments?
The government only gives limited help for those people eligible for income support. If you are stuggling to meet mortgage payments and fear your home could be repossesed, these are some of the steps you can take to meet your mortgage payments and avoid repossessions
Remortgaging may enable you to find a lower interest rate. It may also be possible to remortgage to a different mortgage product which can reduce monthly payments e.g interest only mortgage.
2. Reduce Mortgage Interest Payments
It is possible to reduce your mortgage interest payments.
3. Reduce Spending and Outgoings.
Look at ways to reduce spending and unnecessary outgoings. This may provide the reduced expenditure which enables you to pay your mortgage.
4. Speak to Mortgage Company
As soon as you get into difficulties speak to your mortgage company directly. This provides your best chance of creating a workable solution to meeting your arreas. Note: it is in the interests of your mortgage company to avoid repossession. Banks usually lose out when they have to resort to repossessing homes.
Government Agencies That Can Help With Mortgages
If you took your mortgage out after 2004, the FSA will regulate the mortgage. If you think you have been missold a mortgage (lent more than you can afford to payback). It may be worth contacting them to see whether you have a valid complaint.
Citizens Advice Bureau. CAB
The Citizens advice bureau can help with financial issues such as problems paying back mortgage. They may be able to help advise and draw up a plan. Contact citizens advice bureau
National debt Line
National debt line helps deal with issues such as debt and debt arising from negative equity after repossession. National Debt line.
Government Benefits for Mortgage Payments
The UK government does not have benefits specifically for helping to pay mortgages. Income support can be given for those working less than 16 hours a week and with savings of less than £8,000. You may also be ineligible if your partner works and or has savings.