If you are worried about your mortgage payments you may be able to remortgage. This could lower your interest rate and your payments. You could speak to your current lender or contact an independent mortgage broker. The mortgage deal you can get will depend on how much equity there is in your property and your credit rating.

If you have a repayment mortgage, every time you make a payment you pay of some of the capital and the interest. This means that when the mortgage ends you will own your house.

If you have an interest only mortgage, when you make a payment you are only paying the interest and not any of the capital. If you have an interest only mortgage of £100,000 over 20 years, at the end of that 20 years you will still owe £100,000. This is because you will only be paying the interest and not the capital back.

If you are in arrears with your mortgage or your secured loan, your lender may add monthly charges to your account. The charges they can add to your account will be in the terms and conditions of your mortgage or loan agreement. If you feel that your lender is adding unreasonable charges to your account you should contact the Financial Ombudsman Service.

Late or missed payments will show on your credit file for 6 years, as will repossession proceedings. This may make it more difficult to re-mortgage or obtain credit.