Mortgages

This section provides basic information about mortgage options. It also explains what you can do if you can’t pay your mortgage or if you are already in arrears, including information on mortgage rescue schemes and ‘sale & rent back’ options.

If you are claiming certain benefits, you may be able to get help paying a mortgage through Support for mortgage interest payments. More details are outlined in the page below.

The decisions you make about your mortgage are very important, so you may need one-to-one help. Shelter Cymru cannot give financial advice. A financial adviser or mortgage broker can help you to understand all of the different options. Always check the Financial Services Register to be sure that any financial adviser or broker that you use is authorized by the Financial Conduct Authority.

If you are worried about your mortgage, don’t put your home at risk – get advice. If your mortgage company is threatening to evict you, see our pages on Mortgage repossession.

Repayment options

Although the features and benefits of mortgages vary, all mortgages involve repaying the capital sum (the amount you borrowed) plus the interest on the loan

Interest options

As well as repaying the capital sum you borrow, you will have to pay interest on the loan to the lenders

Joint mortgages

If you’re buying a property with someone else, you’ll need a joint mortgage. How much you can borrow will depend on both your incomes

Mortgage protection

When working out how much you can afford to put down as a deposit, take into account the other costs of buying and moving

Changing mortgages

If you already have a mortgage, you may want to switch to a different mortgage (or a different lender) to get a better deal

Mortgage complaints

If you think you have been treated unfairly by a mortgage broker or lender, you may want to make a complaint

Endowment shortfalls

The success of any endowment policy is linked to the stock market, and will vary from year to year

Catching up with your endowment shortfall

If your endowment policy is not likely to repay the whole of your mortgage, there are a number of options that can help you catch up on the shortfall

Endowment complaints

You may be entitled to compensation if you got bad advice from the company that sold you your policy and you have lost out financially as a result

Dealing with mortgage arrears

Many homeowners have problems paying their mortgages, often when they lose a job, split up with a partner or have unexpected expenses

Arrears on a repayment mortgage

If you have a repayment mortgage, you may be able to reduce your monthly payments. This could help to stop your arrears from rising if your problems are short-term

Reducing monthly payments

If you have problems paying your mortgage, it may be possible to reduce your monthly payments

Increasing income

If you have problems paying your mortgage, it may be possible to increase your income to make your mortgage more affordable

Selling voluntarily

If you are thinking of selling your home, it is still important to continue to pay as much as you can towards your mortgage

Mortgage rescue schemes

Some local authorities and housing associations operate mortgage rescue schemes (MRS) to help homeowners avoid mortgage repossession if it is likely that otherwise the homeowner will be homeless

Private sale and rent back schemes

Homeowners should think carefully before signing up to a ‘sale and rent back’ scheme

Support for mortgage interest payments

If you are claiming certain benefits, you may be able to get help with your mortgage interest payments

We are sorry that we cannot provide this information in Welsh, however if you would like to speak to an adviser in Welsh please contact 0345 075 5005.

Page last updated: Sep 11, 2017 @ 2:28 pm

This page was last updated on: September 11, 2017

Shelter Cymru acknowledges the support of Shelter in allowing us to adapt their content. The information contained on this site is updated and maintained by Shelter Cymru and only gives general guidance on the law in Wales. It should not be regarded or relied upon as a complete or authoritative statement of the law.