Mortgage or Rent Arrears?

Mortgage or Rent Arrears?

Are you struggling with your mortgate repayments or falling behind with your rent?

Your circumstances may have changed; For instance, you may have lost your job, have health problems or recently split up with your partner. Or you may just be struggling with rising prices and mounting bills with no extra money coming in to pay them.

This can seem very overwhelming, so always ask for help sooner rather than later.

Money Advisors will always look at your whole financial situation but will try to sort out your rent or mortgage situation as a prioirty.

Mortgage Repayments

If you are having trouble making your mortgage repayments or worried that you may fall behind with repayments due to the rising costs of other bills, talk to your mortgage provider as soon as possible. Get in touch with them direct or arrange an appointment with an independent financial advisor to discuss your options.

Make sure that you continue to pay as much as you can manage every month. Keeping up with regular payments, even if they do vary, shows you're committed. Lenders will be more likely to treat you sympathetically and you will reduce the arrears charges at the same time.

If your property has been significantly adapted for your medical needs you may also be eligable for help under the mortgage rescue scheme.

Rent Arrears

If you are beginning to find paying your rent difficult, get advice as soon as possible. Don't leave the arrears to increase as this may lead to you losing your home and could make it difficult for you to get a new tenancy in the future.

You should: 

  • Talk to your landlord to try and reach an agreement about paying off any rent arrears. Be Realistic, don't agree to pay more than you can afford.
  • Ask for independant advice. There are agencies in The Vale of Glamorgan offering a free and confidential service. They will look at your money situation as a whole and give you suggestions for a way forward.
  • If you are not claiming Housing Benefit is this now an option? Use the Council's Housing Benefit Calulator to find out.
  • Think about other ways of Maximising your income.

Remember that your should always treat your rent as one of your main priorties.