The BSA and the Money Advice Trust provide practical advice for those struggling to pay
Rising costs of essentials and consecutive increases to interest rates have caused many families to struggle with their monthly mortgage repayments.
With this in mind, the Building Societies Association (BSA) and the Money Advice Trust have produced a new booklet giving straightforward guidance on what to do if you cannot pay your mortgage, or think you might struggle to make your payments in the coming months.
The booklet titled ‘What to do if you can’t pay your mortgage’ covers information on the six steps you must take to ensure you don’t lose your home, what to expect when you contact a lender, the role of debt advisers, and a section on where to turn for further help and guidance.
Along with tips on what you should do if you’re facing financial difficulties, it also dismisses some of the urban myths associated with having mortgage repayment difficulties.
The booklet is available from the BSA website and will also be made available to people seeking advice from National Debtline and Business Debtline, the free debt advice services run by the Money Advice Trust.
Commenting on the launch of the booklet, Paul Broadhead, head of mortgage policy at the BSA, said borrowers struggling financially need not “bury their head in the sand.”
“If they read this booklet, the guidance contained in it should ease their fears about the process. It should encourage them to contact their lender as soon as possible, with confidence to discuss the options available to them,” Broadhead said.
Jane Tully, director of external affairs and partnerships at the Money Advice Trust, the charity that runs National Debtline, added that as the cost-of-living crisis continues to bite, it has never been more important for households to have access to the right advice and information.
“Rising interest rates are bringing mortgage worries to the fore for many homeowners, and this guidance is designed to help anyone worried about keeping up with their payments,” Tully said.
“The key thing to remember is you are not alone – it is always better to contact your mortgage provider to share your concerns, and you can always contact a charity-run service like National Debtline for free, independent advice.”