Reducing your mortgage payments
If you have problems paying your mortgage, it may be possible to reduce your monthly payments. This could make your mortgage more affordable and help you to keep your home.Your lender has to agree to any changes to how your mortgage is paid, so you may need to negotiate. You will need a realistic proposal that will allow you to pay off your mortgage eventually.
If you have a repayment mortgage, you may be able to reduce your monthly payments to make it more affordable. This might stop your arrears from rising if your problems are short term.
If you have an interest only mortgage (linked to an investment such as an endowment policy or ISA) it may be possible to reduce your monthly payments to make it more affordable.
Last updated: 29 December 2014