What to Do If You’re Worried About Missing a Mortgage Payment

Your mortgage is likely your biggest monthly outgoing, so the thought of missing a payment can feel overwhelming. With household budgets still stretched by rising living costs, it’s a concern more and more people are quietly facing.

The important thing to know is this: you are not powerless. Missing a payment doesn’t have to mean the end of the road, but acting early makes all the difference. Here’s what you need to know if you’re worried about falling behind.

1. Don’t ignore the problem

It’s tempting to bury your head in the sand, but mortgage arrears can escalate quickly. Late payments affect your credit record and can lead to charges that make the situation even harder. Contacting your lender early shows that you’re serious about finding a solution, and in most cases, they’ll want to work with you.

2. Speak to your lender straight away

Most lenders have dedicated teams for borrowers who are struggling. They may be able to:

• Arrange a temporary payment plan

• Offer a payment holiday (in some circumstances)

• Extend your mortgage term to reduce monthly costs

• Switch you to a different type of mortgage product that better suits your budget

These options are much easier to access if you contact them before you miss a payment.

3. Review your wider finances

It’s not always just about the mortgage. Look at your overall income and spending:

• Can you cut back on non-essential outgoings, even temporarily?

• Are you entitled to any benefits or support schemes that could boost your income?

• Could a small change, like adjusting your direct debits or consolidating other debts, free up enough to cover the shortfall?

An adviser can help you look at your whole financial picture, not just the mortgage in isolation.

4. Know your rights

Lenders in the UK must treat customers fairly, especially if you’re facing financial difficulty. The Financial Conduct Authority (FCA) sets strict rules about how they should behave. That means you have the right to be listened to, offered clear information, and considered for forbearance measures before more serious action is taken.

5. Explore longer-term solutions

If your financial situation is unlikely to improve quickly, it may be time to look at more structured changes:

• Remortgaging to a cheaper deal (if your credit record allows it)

• Extending the mortgage term to spread the cost

• Switching to interest-only for a period (though this means you’ll pay more over the life of the loan)

These options carry pros and cons, but having them explained by a professional adviser can give you confidence that you’re making the right choice.

6. Don’t suffer in silence

Money worries can take a huge toll on your mental health. Talking to a professional doesn’t just ease the financial pressure, it often lifts the emotional weight too. Whether it’s an adviser, a debt charity, or a trusted friend, sharing the problem is the first step to solving it.

Missing a mortgage payment is a serious issue, but it’s not the end of the story. By acting early, speaking to your lender, and seeking advice, you can take control of the situation before it spirals.

Remember: you don’t have to figure this out alone. As a mortgage adviser, my job is to guide you through your options, explain the pros and cons, and help you find the path that fits your circumstances, please don’t hesitate to get in touch.

Barry, The Mortgage NetworkMortgage Adviser, here to help you protect your home and your peace of mind.