Struggling with Mortgage payments
Here's what to do
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Last update : September 2010
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| Talk to your lender as soon as possible, and that probably means TODAY.
Be 100% honest, explain your situation and chances are they'll try to help. Possible solutions are -
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- Look to switch your deal to an interest only mortgage which will reduce your monthly repayments
- Take a repayment holiday of a few months, or
- Extend the length of the loan, from perhaps 12 years left to 18 years
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Contacting any lender when you first experience financial problems will always pay dividends rather than if the lender has to chase you.
Plus, don't forget the importance of your credit file. A series of late or non-payments will soon damage your credit rating and for the foreseeable future you might struggle to obtain credit, including being able to remortgage at a competitive rate.
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