If your income is affected by coronavirus and you are worried about paying your mortgage, speak to your lender as soon as possible.
During the pandemic mortgage lenders were offering payment holidays, but the deadline for applying for a holiday has now passed.
If you are finding it difficult to pay your mortgage, even if you have had a payment holiday, your mortgage lender should offer you support. It’s important to discuss the support you need with your lender as soon as possible.
If you cancel your mortgage payment direct debit without telling your mortgage lender, then it will be classed as a missed payment and you could risk having your home repossessed.
When you speak with your lender, give them as much information as possible about your circumstances, so that they can offer you the appropriate support. The support could include:
- Making a part payment for a short time
- Extending the length of your mortgage
- Changing the type of mortgage you have.
Click here to find out what support your lender is giving.
Check if you have insurance that will cover your mortgage payments instead. For example, mortgage payment protection insurance or through your bank account.