Contact your mortgage lender
Getting in touch with your lender can be daunting, but it’s important that you do so as soon as possible. The earlier you contact them, the sooner they’ll be able to help you.
Remember, they deal with these issues every day and want to support you. They should help by coming to an agreement that you’re both comfortable with.
Once they know your situation has changed, they’ll talk through the options available to you. These could include:
Each of these options allows you to reduce your monthly payment, taking some of the pressure off you while you’re living on a reduced income.
Government mortgage help: Support for Mortgage Interest (SMI)
If you’re a homeowner and get certain benefits, such as Jobseeker’s Allowance, you may be able to apply for Support for Mortgage Interest (SMI) payments.
SMI is paid as a loan and must be paid back with interest if you sell your property or transfer ownership to someone else.
It’s not intended to pay back arrears on your mortgage, but to help towards interest payments while you’re out of work.
SMI may be an option for you if:
- You’ve been unemployed for more than 39 weeks
- Your mortgage is less than £200,000
- You’re claiming Income Support, income-based Jobseekers Allowance (JSA), income-related Employment and Support Allowance (ESA), Universal Credit, or Pension Credit
Find out more about SMI and if you're eligible for government mortgage help.