Reducing monthly payments
This content applies to England only.
Housing laws vary between England and Scotland. Get advice relating to Scotland
If you have problems paying your mortgage, it may be possible to make changes so that the amount you have to pay each month is reduced. Your lender must agree to vary your repayments, so you may need to negotiate. You will have to make a realistic proposal that will allow you to pay off your whole mortgage eventually.
Where possible you should also try to reduce your other regular living expenses such as: heating costs, insurance costs, eating out, clothing, entertainment and leisure.
Repayment mortgages
Reducing monthly payments on a repayment mortgage could help to stop your arrears from rising if your problems are short-term. You will have to negotiate with your lender.
Interest-only mortgages
If you have an endowment or ISA mortgage, you may be able to reduce your payments, sell your investment or switch to a more flexible mortgage.
