Even if you can currently afford your payments but you’re worried you might not be able to cope with a rise in monthly mortgage costs, get in touch with your lender now.

This is easier said than done because everyone is trying to contact their lenders and some customers are reporting being left on hold for two hours or more. If you’re struggling to get through, contact your mortgage broker if you have one and if you don’t, find one.

They will help you understand your options and could secure a better deal for you.

Craig Fish, managing director at mortgage advisers Lodestone, says: ‘If you need to remortgage but find that you are failing the credit score, or your circumstances have got worse, don’t bury your head in the sand. It’s the worst thing you can do.

‘No matter how bad you think your circumstances are there are generally always options available to you. The earlier you address the situation the easier it is to put a plan in place.’

If you have to stay with your existing lender but can’t afford a higher payment, you can talk to your lender and they are very likely to help find a way to help you.

There are a few things you can do to bring monthly payments down:

If my lender won’t help me, what are my options?

All lenders have been told explicitly by the regulator that they must help you, so do not worry unduly.

However, should you come up against this problem, there are lenders which specialise in helping borrowers in difficult situations.

‘A mortgage broker can often find a solution, even if your situation has deteriorated since you originally applied for your mortgage,’ says financial adviser Scott Taylor-Barr.

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