If you have been made redundant and are a homeowner, and you have a mortgage payment insurance policy, make a claim as soon as possible.
If you are facing or have been through redundancy but don’t have insurance and think you may struggle to afford the mortgage payment, there are a number of options to take.
Contact your lender
Contact your lender to explore the possibilities of moving to an interest-only loan, taking a payment holiday or extending the term of the mortgage. These options allow you to reduce your monthly payment.
Support for Mortgage Interest (SMI)
If you are a homeowner and get certain benefits, such as Jobseeker’s Allowance, you may be able to apply for Support for Mortgage Interest (SMI) payments and Council Tax Benefit.
SMI can be paid after 13 weeks of unemployment on mortgages up to a maximum of £200,000. Further information regarding SMI can be found by visiting www.direct.gov.uk.
If you’re in arrears
If you are already in arrears with your mortgage and you haven’t contacted your mortgage company, they may apply to the county court for possession of your home. You need to contact your mortgage lender as soon as possible to find out what options you have.
Selling your property is something you may also need to consider. For more information visit mortgagehelp.direct.gov.uk
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