Worried about your mortgage payments? You're not alone

Will your lender help if you’re struggling with mortgage payments?

No one wants you to struggle, and your lender is here to help. At Skipton for example, we have a dedicated team whose job is to listen, support you, and talk through your options.

The best thing you can do? Speak to your lender as early as you can (if you’re a Skipton member, you'll find helpful information on our mortgage payment difficulties page). There’s nothing to be embarrassed about. And starting the conversation sooner can make it easier to put a plan in place before things get tougher.

Financial pressure can happen to anyone. But it’s in everyone’s interests to get you back on track.

Bottom line? You’re never alone in this.

Is it a good idea to extend your mortgage term to reduce your payments?

It depends on your situation.

First, here’s what it means. When you set up your mortgage, you agreed a set number of years to pay it back over. That’s your mortgage term.

If you extend it, you give yourself longer to repay what you owe. That usually means lower monthly payments, which can give you some much‑needed breathing space and make things feel more manageable right now.

There are a few things worth thinking about first:

• You’d have your mortgage for longer, which would mean still paying it off later in life. This might affect when you can afford to retire.
• You would end up paying more interest overall.
• Some lenders have limits on how old you can be at the end of your mortgage term, so this won’t suit everyone.

If you feel comfortable with the idea of having a mortgage for longer, extending your term could be an option. The best next step is to talk it through with your lender and see what options might be available for you.

Could switching mortgage deals make your mortgage payments more manageable?

It might.

If you have a fixed‑rate mortgage, your lender will get in touch around three to six months before your deal ends to tell you your options.

You could:

• Switch to another fixed-rate deal with your current lender.
• Move automatically onto the lender’s reversionary rate (sometimes called Standard Variable Rate, or SVR). Your payments could go up or down with interest rate changes. You’re usually free to move to another deal whenever you like.
• Remortgage to another lender.

If you’re already on a variable rate, you can usually change deals whenever it suits you – just check your mortgage terms first. And if you’re not on a variable rate, it’s likely you’d have to pay an early repayment charge.

Taking the time to look at your options could help you reduce your payments. There’s no guarantee it will — but it’s often worth exploring what’s available.

What else could make your mortgage payments more manageable?

A good place to start is getting a clear picture of your finances. What’s coming in. And what’s going out.

It’s surprisingly easy for spending to creep up. With cards saved on your phone, it takes seconds to tap and pay. You might sign up for a subscription or streaming service, barely use it, and still pay for it every month. Before you know it, your outgoings are higher than you realise.

Putting together a simple budget plan can really help. Take a look at what’s leaving your bank account each month and see if there’s anything you could cut back on.

Small changes add up. And those savings might give you breathing room when it comes to your mortgage payments. For more support visit our mortgage payment difficulties page.

What should you do if you’re really struggling?

First and foremost: speak to your lender. They’re there to help.

Most UK lenders have signed up to the government’s Mortgage Charter. If you’re up to date with your payments but finding things hard, this could give you some short‑term breathing room.

Help when you need it

If you’re worried about your mortgage payments, getting in touch with your lender can make a big difference. You might be surprised by the support that’s available. And having that conversation early could help you feel better.

At Skipton, we’ll listen, talk things through, and help you understand your options.

You can call us on 0345 850 1766