The first step to repaying your mortgage arrears is to create a budget so you have a clear understanding of your finances.
List all your income, spending and debts.
See if there’s any money left over after you’ve covered all your household bills and living costs. This is the amount you can afford to pay towards your mortgage arrears.
Look into ways to increase your income and reduce your spending so you can pay off your arrears more quickly.
Contact your lender to agree to a new payment plan. Give them a copy of your budget to show them you’re paying as much as you can afford.
If you’re worried about not being able to afford your monthly payments, get in touch with us for free, personalised debt advice.