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Redundancy and debt

Redundancy and mortgage payments

Your mortgage is a priority if you are facing redundancy. There is a risk of losing your home if you fall behind on payments.

Make a mortgage payment protection insurance claim if you can.

Your lender can talk through your options with you if:

  • You do not have insurance
  • You think you may struggle with mortgage payments

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Contact your mortgage lender

Get in touch with your lender as soon as you can.

This may seem scary, but they can only help you if they know what is happening.


  • They deal with these issues every day
  • They want to support you
  • They should help find an agreement you can afford

Your options could include:

These options can take off some of the pressure while your income is reduced.

Government mortgage help: Support for Mortgage Interest (SMI)

You may be able to apply for Support for Mortgage Interest (SMI) payments if:

SMI is a loan and must be paid back with interest when:

  • You sell your property or
  • Give it to someone else

SMI is meant to help with interest payments, not arrears.

Find out more about SMI and if you're eligible for government mortgage help.

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Council Tax Reduction

You may be able to get help paying your council tax while you are out of work.

This is called Council Tax Reduction (CTR).

  • Each local authority has its own scheme
  • The rules vary depending on where you live
  • Contact your local council to find out more

Here are few general rules that apply:

  • You must be the person responsible for paying the council tax
  • You must live in the property

Apply for Council Tax Reduction.

Mortgage arrears and redundancy

Contact your lender as soon as you can if you are already behind on mortgage payments.

They may apply to the county court for possession of your home if you do not.

We can help you if you are falling behind on mortgage payments.

Use our free debt advice tool to find the best options for you.

Find out more about dealing with mortgage arrears.

Should I pay off my mortgage with redundancy money?

We recommend using a redundancy payment to pay for essential household bills.

This is because you do not know how long you may be without work.

Focus on keeping up with your monthly payments until your financial situation improves.

Money worries?

Find out how we can help you.

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