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0 With the rising cost of living, it is easy to see how financial difficulty can occur, especially as your home is at risk if you do not keep up mortgage repayments.
According to a report in November 2023 by ONS, “49% of adults said their overall cost of living had increased compared with a month ago”. So, what sort of help is available for those who are struggling?
Contacting Your Lender
So, you’ve gone through the process of finding a property and found out the home buyers report cost. See here for more information on homebuyers surveys: https://www.samconveyancing.co.uk/news/house-survey/homebuyers-survey-cost-9958. The purchase has been completed, but what do you do if you find yourself in financial difficulty?
If this happens, mortgage lenders should be contacted first. Having open communication is crucial during financial hardships. Many lenders have dedicated teams that can assess individual situations. Taking a proactive approach allows for a more personalised solution.
Free Advice
There are plenty of organisations that offer free advice, such as The Citizens Advice Bureau, Shelter, National Debtline and StepChange.
The Housing Loss Prevention Advice Service
This service can help you if you live in England or Wales, especially if you are at risk of being evicted from your property. Free legal advice is offered as well as representation in court.
Support for Mortgage Interest (SMI)
If you claim certain benefits, such as Income Support, Universal Credit, Pension Credit, income-based Jobseeker’s Allowance or income-related Employment and Support Allowance, you might be able to claim help with your mortgage interest payments. Support for Mortgage Interest (SMI) is offered as a repayable loan and is usually cheaper than other credit options because interest charges are low. Terms and conditions apply, so it is worth researching if you believe this could be an option.
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