Missed mortgage payments

Almost half a million UK homeowners have failed to meet a monthly mortgage repayment in the last six months. This is going to be a huge problem for the next couple of years for anyone who has a poor credit mortgage deal, or has risked taking on a low rate mortgage and will now be facing a mortgage rate hike. 

Anyone who found themselves unable to pay their mortgage to should take action immediately and discuss their options with the lender as soon as possible.

According to recent research by MoneyExpert, this found that since July last year around 463,000 people have missed mortgage payments. The personal finance website said that those aged between 25 and 34 were the most likely to have missed payments.

Sean Gardner, chief executive of MoneyExpert, commented: “Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us.”

The website cited the “difficult festive period” as a possible cause of many missed mortgage payments. Lenders have a duty to help people with missed mortgage payments and will usually only take serious action after 3 missed mortgage payments.