Struggling to pay your mortgage?
23rd April 2020If you can’t pay your mortgage
If you ask your mortgage provider, they might agree to pause your mortgage payments for up to six months. This is called a ‘payment holiday’.
You can ask for a payment holiday for somewhere you live or somewhere you’ve bought to let. If your mortgage provider agrees, it won’t affect your credit rating.
It’s best to ask your mortgage provider for a payment holiday on their website if you can. They have to agree to give you a payment holiday if:
- you can’t pay your mortgage because of coronavirus – for example because you can’t go to work
- you were up to date with your mortgage payments on 27 March 2020
If you can, keep making your payments until your mortgage provider agrees you can take a payment holiday.
After your payment holiday you’ll still need to make up the payments you missed, plus interest added during the payment holiday. This means you’ll have to either:
- pay more each month
- keep making payments for longer
You can find out more about payment holidays on the Financial Conduct Authority’s website.
You can also find out more about dealing with mortgage problems.
If you’re behind with your mortgage payments
You should talk to your mortgage provider. They might still agree to give you a payment holiday.
At the moment, your mortgage provider shouldn’t try to repossess your home. They should pause any action they’re already taking until at least 18 June 2020.
Courts have also paused all possession cases.
If your mortgage provider’s still trying to repossess your home, contact us for help.
Call our freephone number 0300 303 4321 or email us by filling in our online enquiry form.
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