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How a change in circumstances can affect your mortgage repayments

Your home may be repossessed if you do not keep up repayments on your mortgage

Stay in control when your circumstances change

After you’ve got your mortgage there are still certain things that can change in your life. Things like redundancy, changing jobs, interest rate increases or even your fixed rate term coming to an end will affect your mortgage repayments. You might even be planning a break from work to start a family. All these events can have a major impact on your ability to make your repayments.

Your mortgage is a loan secured against your home. If you fall behind with your repayments then your lender might want to sell your home to get their money back. But this is the worst-case scenario. There are a number of things you can do to minimise the risk of this happening.

Always keep your lender in the loop

It can be a difficult time if you lose your job, or if you have a change in circumstances and you might not be able to meet your mortgage repayments. All lenders are keen to help you and will be able to show the options you have available, so contact them as soon as you can. At Clydesdale Bank, we’ll do whatever we can to help you assess your options. If you want to talk to us, call us on 0800 022 4313. You might look at extending your mortgage term or look at paying what you can for the short-term. These options will increase the amount of interest you owe, so always make sure you understand the implications of any actions you take.

Try to have savings to fall back on

There are a huge number of savings accounts available, all with different rates and features. Clydesdale Bank has a range of products. In this case you need to make sure you can access your money quickly. Often a savings account that has a long period before you can access your money will pay a higher rate of interest. But you’ll need your money quickly if you’re reacting to a change in your circumstances. So always read the small print.

Insurance can help

You may have taken out mortgage protection insurance. This insurance could help with your mortgage repayments if your income has fallen due to an accident, illness or redundancy. You might think that insurance looks a bit expensive. But it could be beneficial if your circumstances change. You may want to consider taking insurance out when you agree your mortgage but make sure you approach a financial adviser to get advice on whether this product is suitable for you.

Live within your means

If your circumstances change and you find yourself struggling with repayments then look at your expenditure. The Money Advice Service website suggests cutting back on non-essential things like gym membership or magazine subscriptions could help you save some money each month. You could also make sandwiches for lunch, rather than buying it, or cut down on coffees and non-essential expenditure. You could even look at changing where you do your shopping to make savings each week. Lots of small changes can have a big effect.

Check if you can get help

You may be eligible for government assistance to help meet your interest payments. There are calculators (this link opens in a new window) on the government website that will help you see if you’re eligible for any benefits.

If interest rates go up

Make sure you plan ahead for rates increasing. You could look at an online calculator to show you how much you might end up paying if interest rates do increase. You could also look at our ‘If interest rates go up’ article to help you plan ahead.

Plan ahead

Ensure you plan ahead to protect yourself and your home from changes in circumstance, such as losing your job or becoming ill.

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