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A 5-Step Guide to dealing with Mortgage Arrears

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If you have missed payments and built up mortgage arrears on your property then it’s important that you act quickly. Try not to wait any longer! Too often too many people take the ostrich approach to financial matters. However, this is too important an issue to ignore as not dealing with mortgage debt could result in your home being repossessed. We at GDP Equity Experts have set out a simple five-step program to follow if you are faced with increasing mortgage arrears.

(1) Immediately contact your mortgage lender
If you find yourself in mortgage arrears then try not wait for your mortgage lender to contact you. It is very important that you talk to them first and as soon a possible. A mortgage lender is duty bound to treat borrowers objectively and consider all requests for a change in a mortgage arrangement.

They can take you to court to repossess your home if you can’t agree a way to pay back what you owe. But try not to worry as even then, it’s not too late to try to reach an agreement with them. Remember that mortgage arrears are a priority debt therefore a mortgage arrears issue should be dealt with promptly and before any unsecured credit repayment issue.

(2) Check if you have insurance cover
Spend some time to thoroughly read through your mortgage paperwork to investigate if you have any form of Mortgage Payment Protection Insurance. This form of insurance could help with your mortgage repayments if your income has fallen because of a redundancy, an accident or a period of sickness.

(3) Take some time to determine what you can afford
When faced with mortgage arrears, it is very important to undertake a full financial review of your finances. This is in order to determine what you may be able to pay towards your mortgage arrears each month. Therefore, you need to ensure that you take the time to calculate your total monthly income and outgoings.

This will help you work out what is an essential and non-essential expenditure item and whether some budgeting or cut-backs are required. Once an affordable mortgage arrears payment has been determined, you will need to tell your mortgage provider how much you can afford to pay back and whether this is acceptable to them.

(4) Engage with a firm of regulated debt advisors  
It is very important that as well as speaking to your Mortgage Provider, you also take advice from a team of regulated debt advisors. This will ensure that you can receive free and impartial advice and be helped and talked through your situation and provided with information on where to find solutions to your arrears issue.

(5) Check to see if you are eligible for assistance with your Mortgage payments.
If you are struggling to maintain your monthly mortgage payments then it is worth investigating to see if you would be eligible for certain benefits or government assistance towards your mortgage interest payments.

What we can do to help? 
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues.  We have been leading the way in this Regulated area over the last 8 years and have particular expertise in helping people deal with crippling debt related issues.

We would like the opportunity to share this with you. As a result, our team are more than ready to engage and assist if you have been affected by this or you have any other property debt related issues.

GDP Equity Experts know what is expected and how to get you to where you want to go.  We WANT to hear from you today because we WANT to help you today.

If you would also like to download a copy of our 7 step guide to our eBook, then please hit the button below.


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