A reader from Norwich is struggling with his mortgage but is not sure whether to tell his mortgage lender.
Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes him through the problem and what it means to his finances.
My partner lost her job, we can still make the mortgage repayments but things are tight.
I read in a story on your site you should speak to your bank if you are in trouble.
When do you contact them?
At the moment we can afford the mortgage but just.
Do we wait until we can’t or will saying something too early stand against us (give us a black mark on credit record which is fine)?
You should speak to your lender as soon as possible, it might be possible to take steps now that will alleviate your current position and therefore sure up your on going ability to pay.
Your mortgage company not only has a regulatory obligation to treat you fairly, if they subscribe to the Banking Code they also have a commitment to help you during a time of financial hardship.
If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert section.
Or for more information or mortgage advice go to Mortgage Meadow.
Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority
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