The ongoing credit crunch means that many of us are finding less money in our pockets at the end of the month. And, for some, this drop in disposable income may mean they can no longer afford their mortgage and will need to seek mortgage arrears advice.

According to recent analysis from Standard and Poor, the number of UK mortgage arrears in the sub-prime mortgage market has increased by over 23% in the second quarter of 2008. Those who have more than three months of mortgage arrears have increased to over 12% of this total. Standard and Poor have described mortgage arrears as “a way of life” for many subprime borrowers.

Are Mortgage Arrears a “way of life” for you?

If you find yourself struggling with mortgage arrears, then it is important that you seek mortgage arrears advice and tackle this problem as soon as possible. Your mortgage is a priority debt which means that failure to make payments to your mortgage means that you are at serious risk of repossession.

You need to speak to your mortgage lender as soon as possible, and they should be able to offer some general debt advice and more specialised mortgage arrears advice. Inform them about how your circumstances have changed, why you find it hard to meet your mortgage payments and why you have fallen into arrears. Your lender should be willing to start a payment agreement with you, where you can begin to pay back your arrears and keep up to date with your further mortgage payments.

If your mortgage was taken out on or after the 31st October 2004, then the FSA (Financial Services Authority) will regulate your mortgage deal and your lender. The FSA have put in place a number of rules that your lender should abide to, which includes not putting too much pressure on you about your payments and ensuring that you are aware of the outstanding mortgage arrears.

If you feel as though you are being treated unfairly by your mortgage lenders then you can lodge a complaint with The Financial Ombudsman Service.

Get Mortgage Arrears Advice

If you are struggling with mortgage arrears then there could be a number of options available which could help you to start paying mortgage arrears back to your mortgage lender, so that you don’t have to worry about the risk of house repossession.

You might be entitled to additional benefits. Contact the Department of Work and Pensions (DWP) and see what benefits you could be eligible for. The DWP may also be able to give you further help with your mortgage payment, dependant on your mortgage deal and which benefit you are claiming.

You should sit down and work out your finances so you can see where you could potentially save money. If you have mortgage arrears and unsecured debt, then chances are that you will be missing payments to these too. Unsecured debt includes credit cards, store cards and overdrafts. If you are missing payments to these then One Advice can help you to tackle your mortgage arrears. We are a debt solutions provider and have access to a number of ways to help you deal with your debts so you can meet your mortgage payments a little easier.

For free mortgage arrears advice, and to see if One Advice can help you, contact our debt advisors today to see what debt solutions are available.