If a rate rise means you may no longer afford your mortgage, contact your lender before you miss a payment. Prepare a realistic household budget, explain what has changed and ask for figures for every available option. Early contact is not, by itself, a black mark on your credit file. Ignoring the lender is more likely to let arrears and enforcement problems grow.
This guide is for regulated UK residential mortgages. It is general information, not an individual affordability assessment. Lender policies, rates, benefits and government schemes can change, so confirm current terms with your lender and the relevant official service. Buy-to-let mortgages are outside the Mortgage Charter commitments described here.
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1. Act before the next payment is missed
HM Treasury’s Mortgage Charter, published on 26 March 2026, states: “The Charter is built around a simple principle: if you are worried about your mortgage, contact your lender as early as possible.” That is the practical starting point whether your fixed deal is ending, your tracker rate has risen or a fall in income has made the payment unmanageable.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesCall the lender’s mortgage difficulties or payment-support team rather than waiting for a missed-payment letter. Tell them when the payment is likely to become unaffordable, what caused the change and what you can realistically pay. Ask the lender to explain the effect of any arrangement on your balance, future payments, total interest, fees and credit-file reporting. Keep notes of calls, names, dates and agreed next steps.
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Discussing help under the Charter does not itself affect your credit score. That protection does not mean every arrangement is cost-free or that all options are available to every borrower; eligibility depends on payment status, mortgage type, lender participation and your circumstances.
2. Build a budget the lender can use
A lender needs a credible picture of your finances, and you need it to avoid agreeing to a payment that fails a few months later. Use recent bank statements, payslips or benefit statements and bills. Separate essential spending from items that could be paused, reduced or cancelled.
- List net income for everyone contributing to the household, including variable income and benefits.
- List the mortgage payment, council tax, utilities, insurance, food, transport, childcare, medical costs and minimum payments on other debts.
- Include annual costs such as car repairs, school expenses and home insurance by dividing a realistic yearly amount across the months.
- Record savings, other assets and any expected change, such as a fixed-rate expiry, redundancy, illness or retirement.
- Calculate what is left for the mortgage and an emergency margin. Do not promise an amount that leaves no money for essentials.
Send the lender the information it requests promptly. If your income is irregular, show a conservative average and explain seasonal changes. Free, independent debt advice can help you prepare a sustainable budget, especially if credit cards, loans or arrears are also involved.
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3. Ask which mortgage changes are available
Check a new deal before a fixed rate ends
If you are up to date and approaching the end of a fixed rate, ask what like-for-like deals your existing lender offers and how early you can secure one. Under the Mortgage Charter, participating lenders allow customers to lock a deal up to six months ahead, with the rate finalised at least two weeks before the new term. A current borrower who is up to date may be able to move to a new deal with the same lender without another affordability check, within the Charter’s limits.
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Compare the actual rate and monthly payment with every product fee, legal or valuation cost and early-repayment charge. A lower headline rate can still cost more if fees are high. Moving to another lender may require a fresh affordability assessment and depends on your income, credit record, loan-to-value ratio and available equity.
Extend the mortgage term
On a repayment mortgage, extending the term spreads capital repayment over more months and normally lowers the required monthly payment. The trade-off is interest for a longer period and a higher total amount repaid. Check whether the new end date runs into or beyond your planned retirement and how the lender would assess income at that point.
Eligible borrowers using the Charter’s one-off term-extension option can reverse it within six months by contacting the lender. Ask for written figures showing the payment during the extension, the payment after any reversal and the total cost under each version.
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The Charter permits eligible borrowers who are up to date to request a one-off six-month period on interest-only payments without a new affordability check or a credit-file impact. During that period, payments cover interest and do not reduce the mortgage principal. When capital repayment resumes, the payment rises because the remaining balance must be repaid over the remaining term.
Ask the lender for the balance at the end of the six months, the new repayment amount and the plan for clearing the principal. A permanent interest-only conversion is a separate decision: it can require an affordability assessment and a credible repayment vehicle, such as documented investments or another acceptable source of capital.
Consider another tailored arrangement
Depending on your circumstances, a lender may discuss temporary deferral, part interest-and-part repayment, reduced payments or another individually designed arrangement. A payment holiday is not automatic. Interest may continue to accrue, increasing the balance and later payments. Before accepting, ask how long the arrangement lasts, whether missed interest is capitalised, how it will be reported to credit reference agencies and what happens when it ends.
4. Compare offers on the numbers that matter
Request a written illustration for each option, including what happens when temporary support ends. Use the same comparison points rather than choosing solely by the lowest payment this month.
| Comparison point | Question to ask |
|---|---|
| Payment now | What will leave my account each month during the arrangement? |
| Payment later | What will the payment be when interest-only, a deferral or another concession ends? |
| Total cost | How much interest and how much total money will I repay over the remaining term? |
| Balance | What principal will remain at each milestone and at the final maturity date? |
| Credit record | Will the arrangement or any missed payment be reported, and how? |
| Charges | Are there product, valuation, legal, administration or early-repayment fees? |
| Term and retirement | When will the mortgage finish, and is that compatible with my planned retirement income? |
| Eligibility and flexibility | Do I have to be up to date, can I reverse a temporary change, and what evidence is required? |
Ask the lender to model a rate increase as well as the current offer if your mortgage will remain variable. Keep the illustrations so you can check that the direct debit and balance later match what was agreed.
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5. If you have already missed a payment or arrears are building
Contact the lender immediately and open every letter. Explain what you can pay now, how you expect the regular payment to resume and how arrears could be cleared over time. Do not assume that the Charter’s one-off six-month term-extension or interest-only choices apply once you are in arrears; those special options are for borrowers who are up to date. An arrears case needs a separately agreed affordable plan.
In Northern Ireland, lenders may consider reduced payments, temporary interest-only, a payment holiday or a longer term, taking account of your payment history and whether the problem is short- or long-term. Arrears can sometimes be repaid gradually. Obtain independent debt advice alongside the lender discussion.
Do not take a new high-cost loan to cover the mortgage without advice. It can worsen the overall position and does not solve an affordability gap that is likely to persist.
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Support for Mortgage Interest
People receiving qualifying benefits may be eligible for Support for Mortgage Interest (SMI) for interest on a home mortgage or certain home-repair loans. SMI is a loan, not a grant. It is repayable with interest when the home is sold or ownership is transferred, does not pay mortgage arrears or insurance premiums, and is not guaranteed. Check current eligibility and application rules on GOV.UK before relying on it.
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Payment-protection and income policies
Review paperwork for mortgage payment protection, income protection or accident, sickness and unemployment cover if the problem followed redundancy, illness or an accident. The policy wording controls eligibility, waiting periods, exclusions and the amount paid. Notify the insurer promptly and continue speaking to the lender while a claim is assessed.
Regional schemes
MoneyHelper identifies Help to Stay in Wales and the Scottish Government’s Home Owners’ Support Fund as possible assistance in some circumstances. Eligibility rules apply, and support can involve shared equity or obligations when the property is sold. Use current Welsh or Scottish government guidance for the terms that apply to you. Northern Ireland has separate advice routes.
7. Be cautious about remortgaging or consolidating debts
If you are not in arrears, a cheaper deal may reduce the payment, but switching lender depends on affordability, credit history, equity and all transaction costs. A broker or adviser should show the total cost, not just the initial rate.
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Consolidating unsecured debts into the mortgage can lower monthly outgoings while making the home security for those debts. Stretching repayment over a mortgage term can greatly increase total interest, and failure to pay puts the home at risk. Obtain independent debt advice before adding other borrowing to the mortgage.
8. What happens if possession action starts
Get legal help as soon as you receive a formal possession notice and attend every court hearing. In England and Wales, the Housing Loss Prevention Advice Service can provide free legal advice and representation after written notice. Scotland has different repossession law and requires Scottish-specific advice. Keep paying what you can while seeking help and give the adviser every lender letter and budget document.
9. A practical call checklist
- Gather your mortgage account number, income evidence, bank statements, essential outgoings and details of any benefits or insurance.
- State the date the payment is expected to become unaffordable and the amount you can sustainably pay.
- Ask whether you qualify for a new deal, a term extension, the Charter’s six-month interest-only option or another arrangement.
- Request written figures for the payment now, payment later, remaining balance, total cost, fees and credit-file treatment.
- Ask what happens if your circumstances worsen and how to contact the lender outside normal hours.
- Record the representative’s name, reference number, agreed actions and deadlines.
- Contact free debt advice before accepting an arrangement that only postpones the problem or combines other debts with the mortgage.
10. Limits of the 2026 guidance
The Mortgage Charter applies to participating lenders and regulated residential mortgages, not buy-to-let borrowing. Its special options depend on being up to date and on the lender’s process. Your age, retirement horizon, income, mortgage type, payment status and location affect what is available. Rates, benefits, schemes and legal procedures are time-sensitive; verify them at publication and whenever your circumstances change.
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