What to do when you can't meet your mortgage payments

Many homeowners have problems paying their mortgages, often when they lose a job, split up with a partner or have unexpected expenses.
If you're struggling to pay, you need to act quickly - even if the problems are only temporary.

2. Things to avoid

Loans to repay debts
Think long and hard before taking out a loan to repay your debts. Such loans are often very expensive and secured on your home – putting it at greater risk if you can’t keep up the payments. If you are thinking about taking out a further loan, get advice from one of the agencies mentioned on our useful contacts section.

Handing back the keys

If you can’t afford the mortgage and want to hand back the keys to the mortgage lender, think carefully. You are still liable for the mortgage until the property is sold. Often, empty properties sell for less than their market value. This could mean that your mortgage is not repaid in full and the lender may still pursue you for any outstanding balance – they can do this for up to six years after the sale (five years in Scotland). Your name will be on the repossession register – making it harder to get a mortgage in the future. Seek advice first.