How to get help with mortgage costs as 700,000 struggle with repayments

MORE than 700,000 homeowners are struggling with mortgage repayments - but there is help available.

According to government figures, one in 10 borrowers admit they've found it difficult to keep up with their payments over the past year.

The main reasons given were reduced pay due to furlough, working fewer hours, unemployment and an increase in other bills.

The number of struggling households at the end of the year has remained the same since last June and July, according to the latest Household Resilience Study.

Yet the report, which was released this week, comes almost a month after the mortgage holiday scheme closed to new applicants, after being extended several times to help homeowners during the coronavirus crisis.

Eleanor Williams, finance expert of data analyst Moneyfacts, told The Sun: "The pandemic has had a polarising impact on many households, and whilst some have been fortunate, many have experienced an adverse effect on their income.

"As the monthly mortgage payment is often the largest outgoing a family has, ensuring this payment can be met is vital.

"It is important that anyone who is concerned about being able to meet their monthly commitments speaks with their lender and seeks qualified, independent financial advice."

Below we explain how to get help with your mortgage costs if you're still struggling.

How to apply for help

Your mortgage is a priority debt, which means the consequences of non-payment are more serious than other debts.