If you can't meet your mortgage repayments, or you're worried you might fall behind, contact your lender as soon as possible. You can also get free independent advice from other organisations.
If you are a home-owner and in danger of having your home repossessed you may be able to get help with your mortgage from the scheme’s run by the Scottish Government (Home Owners Support Fund) – more details can be found on the Scottish Government web-site
Mortgage lenders are keen to help their customers sort out any payment difficulties. They may be able to come to a payment arrangement with you. Depending on your payment history and whether your difficulties are likely to be long or short term, your lender might agree to:
- reduce your payments for a set period;
- charge you interest only for a while, if you've got a repayment mortgage (usually you pay capital and interest);
- give you a 'payment holiday';
- extend your mortgage term to reduce your payments.
Shelter Scotland have a lot of practical advice and information on dealing with mortgage arrears on their website. Altneratively you can contact them (contact information in Appendix A)
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