Struggling with your mortgage

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UK Mortgage Crisis (It's not your fault)

The cost of living and mortgage crisis

As of early 2022, the UK’s economy appeared to be moving steadily, with low mortgage rates and controlled inflation. In recent months though, the dream of owning a home in the UK has become increasingly out of reach for many, while homeowners on a mortgage are experiencing a level of financial stress not seen before. The cost of living and the mortgage crisis is exerting severe pressure on household finances. The article below delves into the complex factors that have contributed to this challenging landscape.

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The cost of living and mortgage crisis

As of early 2022, the UK’s economy appeared to be moving steadily, with low mortgage rates and controlled inflation. In recent months though, the dream of owning a home in the UK has become increasingly out of reach for many, while homeowners on a mortgage are experiencing a level of financial stress not seen before. The cost of living and the mortgage crisis is exerting severe pressure on household finances. We have published articles that are accessible in the Insights section. Among the topics we explore, we delve into the complex factors that have contributed to this challenging landscape.

Navigating the great mortgage crisis

In the past year, UK households have confronted an unparalleled surge in their cost of living. As consumer price inflation soars to its peak in three decades, numerous individuals are feeling the financial strain. Most notably, homeowners have been stunned by the dramatic escalation in mortgage rates. The article below delves into the underlying causes of the current predicament in the UK and offers guidance for homeowners during these challenging times.

Learn more

Navigating the great mortgage crisis

In the past year, UK households have confronted an unparalleled surge in their cost of living. As consumer price inflation soars to its peak in three decades, numerous individuals are feeling the financial strain. Most notably, homeowners have been stunned by the dramatic escalation in mortgage rates. We have published articles that are accessible in the Insights section. You can read an article which delves into the underlying causes of the current predicament in the UK and offers guidance for homeowners during these challenging times.

Pauzible Insights

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Top tips for Homeowners with mortgage payment difficulties

Contact your mortgage lender

Under the Mortgage Charter, UK lenders have agreed to offer tailored support to mortgage customers who are struggling.  This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a temporary payment deferral or part interest-part repayment. Customers who are up-to-date with payments can switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check.

Learn more

Contact your mortgage lender

Under the Mortgage Charter, UK lenders have agreed to offer tailored support to mortgage customers who are struggling.  This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a temporary payment deferral or part interest-part repayment. Customers who are up-to-date with payments can switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check.

Examine your discretionary spending

Most of us have tight budgets and only a few of us can afford to eat out or go for a drink with a friend regularly. Even fewer can afford to go on the holiday we might well deserve. Nevertheless, a hard look at your discretionary spending and looking for cheaper alternatives and bargains might reveal areas where you can perhaps cut back a little. These savings can then be channelled into your mortgage payment, making it less of a burden.

Learn more

Examine your discretionary spending

Most of us have tight budgets and only a few of us can afford to eat out or go for a drink with a friend regularly. Even fewer can afford to go on the holiday we might well deserve. Nevertheless, a hard look at your discretionary spending and looking for cheaper alternatives and bargains might reveal areas where you can perhaps cut back a little. These savings can then be channelled into your mortgage payment, making it less of a burden.

Tap into your savings

It might be worth considering taking some money out of ISAs or other savings to help bridge a shortfall in your mortgage payments further. While not an ideal solution, this temporary measure could provide relief in a time of need.

Learn more

Tap into your savings

It might be worth considering taking some money out of ISAs or other savings to help bridge a shortfall in your mortgage payments further. While not an ideal solution, this temporary measure could provide relief in a time of need.

Explore local housing grants & benefits

Your local council might have housing grants that you may qualify for. These may only target a small section of the community, but may assist you in alleviating some of your financial burden if you qualify.  You may also qualify for means tested benefits such as cost of living payments.

Learn more

Explore local housing grants & benefits

Your local council might have housing grants that you may qualify for. These may only target a small section of the community, but may assist you in alleviating some of your financial burden if you qualify.  You may also qualify for means tested benefits such as cost of living payments.

Shared equity schemes

Homeowners might be able to receive assistance with a reduction in their mortgage payment in return for a share in the value of their home. For homeowners in Scotland, Scotland Shelter (https://scotland.shelter.org.uk) might be able to offer shared equity schemes. www.pauzible.com provides a similar solution and it is for those with a low-LTV mortgage, as long as you have not missed your payments in the past. Pauzible.com covers your mortgage shortfall (i.e. the increase in your mortgage payment) while you continue to pay the same amount as before. Pauzible thus effectively allows you to refix your mortgage at a lower rate by providing you with a mortgage top-up payment. In return, you provide Pauzible with a fair share in the value of your home.

Learn more

Shared equity schemes

Homeowners might be able to receive assistance with a reduction in their mortgage payment in return for a share in the value of their home. For homeowners in Scotland, Scotland Shelter (https://scotland.shelter.org.uk) might be able to offer shared equity schemes.

Free sources for advice

You should reach out to free sources of advice such as the following to avail of any relevant assistance that they can provide:
Citizens Advice
MoneyHelper
StepChange Debt Charity
National Debtline
Shelter England
CrisisLocal Council Housing Departments

Learn more

Free sources for advice

You should reach out to free sources of advice such as the following to avail of any relevant assistance that they can provide:

  • Citizens Advice
  • MoneyHelper
  • StepChange Debt Charity
  • National Debtline
  • Shelter England
  • Crisis Local Council Housing Departments

Pauzible Calculator

Pauzible provides an alternative solution, covering your mortgage shortfall (i.e. the increase in your mortgage payment) while you continue to pay the same amount as before the rate increases. Check out our calculator to find out how much you will get back.

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