Understanding Mortgage Arrears
Falling behind on your mortgage is one of the most stressful financial situations a person can face. However, taking immediate, informed action can protect your home and your family from repossession.
Contact your lender immediately
The single most important step you can take is to contact your mortgage lender as soon as you realise you may miss a payment. Lenders are obligated under FCA rules to treat you fairly and explore forbearance options before taking legal action.
Your options include:
- Payment holiday: A temporary break from payments (usually 1–3 months).
- Interest-only switch: Temporarily reducing your payments to just the interest portion.
- Extending the mortgage term: Spreading the remaining balance over a longer period to lower monthly costs.
If your lender begins possession proceedings, you still have options. Courts view repossession as a last resort, and presenting a realistic repayment plan can often halt the process entirely.
Need help? First Credit Advice offers free, confidential mortgage arrears guidance — contact us today to discuss your situation.
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