What to Do if You’re Falling Behind on Mortgage Payments

What to Do if You’re Falling Behind on Mortgage Payments


Falling behind on any payments can be concerning, but there is a whole new level of worry when it comes to missing or falling behind on your mortgage payments. You could either end up having your house seized and be unable to get another mortgage or credit loan. Here at We Buy Any House, we have compiled our top tips on what to do if you’re falling behind on mortgage payments.

Contact Your Mortgage Lender:

The first thing to do if you’re falling behind on your mortgage payments is to contact your mortgage lender. This is essentially the bank or building society who you have set up your loan with, and who deal with your finances. It’s important that you contact these people first, as they have specialist departments that know specifically how to deal with the borrowers in default- and can solve your problems as soon as possible. It’s also in your lenders best interest for you to keep paying your loan, so they will find various ways to help you do this. Some of these options may include:

  • Freezing your payment for a set amount of time.
  • Opting to extend the length of your mortgage payments so that you pay smaller amounts but for a longer time.
  • Altering to pay your mortgage for a shorter time but go from repayments to interest only.

Try to Keep on Paying:

If you notice problems with your mortgage payment beginning to arise, then it’s important to contact your mortgage lender before you fall deeper into these issues. It’s vital that you make it clear that you need help with your payments, and under the code of conduct for bankers- they have an obligation to treat you fairly.

Additionally, it’s a good idea to try and keep up with a minimum payment. This is because it demonstrates that you are at least trying to keep up with minimum payment- which will in turn, help your chances of getting credit in the future.

Prioritise Your Debts:

If you are finding it difficult to meet your mortgage payments, then the likelihood is then that you are probably having issues meeting other payments too. In this case, it’s worthwhile prioritising your debts and ensuring that the most critical payments are met first. This includes making sure that your mortgage is paid off first, before things such as:

  • Credit cards
  • Bank overdrafts
  • Other existing loans

Draw Up a Budget:

If you speak to a professional who can offer your help, your first point of call may be to draw up a budget for you to work with. This will then help you cover your priority debts and payments- as well as helping you put a budget on your spending so you can have more disposable cash to meet your loans and other bills.

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