If you are struggling to make your mortgage payments then there may be additional financial help which is available to you. It is always important that you begin paying mortgage arrears as well as ensuring that you can make up to take payments.
Insurance
If you have had a change in circumstances, such as losing your job, which means that you are now struggling with your mortgage payments, you should check if you have payment protection insurance.
If you do then your policy may cover your change in circumstances and, if this is the case, you should make your insurance claim straight away. If your insurance company reject your claim and you feel that this is unfair, please contact the Financial Ombudsman Service who will be able to help.
Benefits
You may be entitled to additional benefits which you are not taking advantage for, especially if your personal circumstances have recently changed. These will increase your income which may make your mortgage payment more affordable to you.
Contact your local Department for Work and Pensions (DWP) Office who will be able to offer you more information about whether you are eligible for benefits and the types of benefits which are available, such as Income Support and Child Tax Credit.
If you claim, the DWP will normally give you additional help with your mortgage payments. The amount of help is dependant on your mortgage and how long you have been claiming the benefits.
Income Support, Jobseekers Allowance or Pension Credit.
If you are over 60 then you may be entitled to Pension Credit and you may get an extra amount to cover your mortgage interest payments.
There are terms and conditions which apply here, such as how long you have had your mortgage, so it is important that you seek expert advice and the DWP will be able to give you more information. Make sure that you take advantage of every bit of help when it comes to paying your mortgage arrears, as these lines of help are there to help people who are struggling and it will make a difference, no matter how small it may seem.
If the reason that you cannot pay your mortgage is because you need help to manage debt, then you may need to make your unsecured debt more affordable to you. This is where One Advice can help; we offer a number of financial solutions which are designed to help you to deal with your debt problems.
For further advice about additional help with your mortgage payment and for solutions to your debt problems, please contact the One Advice team on 0800 048 1752.