Borrowing more money
This content applies to England only.
Housing laws vary between England and Scotland. Get advice relating to Scotland
If you are struggling to pay your mortgage, you may be tempted to pay off your mortgage arrears, your other debts and get extra money to deal with future problems by arranging a second mortgage or getting a secured loan – but these options will simply increase your overall debt.
If your problems stem from the fact that you are on a low income, borrowing more money is also likely to increase your debts and your difficulties in repaying them in the long-term.
You can also arrange to switch lenders (re-mortgage). However, you may be faced with higher interest rates, large arrangement fees, and/or a short period to pay off the loan. If you fail to pay what is due, your home is at risk. You should therefore always get advice before trying to borrow your way out of difficulty.
There may be other ways to reduce the amount you pay each month, particularly if your problems are only temporary (eg because you will be starting a new job soon, or you are trying to sell your home and move somewhere more affordable).
Use our directory to find a local advice service to help you explore your options.
