If you own your own home
Depending on your circumstances there may be other help available to you.
One way a lot of people find useful for raising some extra capital is to remortgage their home as this can help pay off those outstanding bills which may be the reason why your mortgage repaymanets may be under threat. Don’t wait until it becomes an issue – get a remortgage while your finances are not too bad then you will be able to secure a better rate rather than waiting till your need to remortgage with bad debt. Even if you don’t have debts to pay off you can still find some great remortgages that will help get your monthly bills down to a more affordable level.
Avoid losing your home
Are you a homeowner struggling to make ends meet? There may be a number of ways to prevent eviction – benefits may be available to you.
Many homeowners miss out on extra weekly income because they do not know they can claim. The benefit system is complex and is difficult to understand and navigate succesfully. Don’t assume that you cannot claim extra help because you own your home.
For example, you may be able to get help towards:
- housing costs, including interest payments on your mortgage or home loan, ground rent and some service charges
- Council Tax
- repairs and home improvements.
Help with housing costs
You may get help towards your mortgage interest payments and interest on loans taken out for repairs or improvements if you receive one of the following benefits:
- Income Support
- income-based Jobseeker’s Allowance
- income-related Employment and Support Allowance
- Pension Credit Guarantee.
How much help you get is worked out using a standard rate of interest. The standard rate used is the same as the Bank of England’s monthly average mortgage interest rate.
If your housing costs are not being met in full, you should inform your lender to discuss how to resolve the situation.
Your lender may be prepared to accept interest-only payments for a while. It is important to get advice at an early stage in order to avoid falling into arrears and risk losing your home.
More advice for homeowners
Remortgage Calculator – click here to find out more