Whilst some borrowers are currently rejoicing the fact that interest rates have tumbled in recent months –therefore reducing their monthly mortgage interest payment to a fraction of what it was a year ago, the sad truth is that this only applies to the lucky ones fortunate enough to be on ‘Tracker’ mortgages.

This leaves the vast majority of mortgagees still facing the same monthly bills as they have always done – and combine this with the lack of credit and alternative mortgage deals to switch to along with increasing worries about job security, it is no surprise that many are for the first time facing real difficulties in meeting their mortgage payments.

And this doesn’t just apply to owner / occupiers where only one mortgage is looking like a mountain to climb each month. Property investors lured into the Buy to Let market over the past decade are also facing falling rents, greater competition for tenants and a stagnant property market in which to ‘off load’ unprofitable investments. Even those investors who bought shrewdly years ago and have until recent times managed to keep their portfolio working effectively for them, are now feeling the squeeze and facing real difficulties paying their mortgages.

Read on to find out about what you can do if you can’t pay your mortgage…

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