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Since 2006 we have helped 339,600 people compare Protection Insurance quotes.
We would love to do the same for you...

What steps could help you keep on top of your mortgage payments during the cost-of-living crisis?

Even outside of times when food and energy costs are perilously high, the task of making all your mortgage payments on time may not leave you with a great amount of other money to spend each month. And of course, you won’t want to risk falling behind with your payments, given how quickly debt can accumulate, and the associated prospect of losing your home altogether.

So, how can you help reduce the burden of your mortgage payments at this challenging time? Here are a few strategies that can enable you to better manage the situation.

Overpay on your mortgage payments when you have the chance

While interest rates have been on the climb lately - thereby making this tip trickier to put into practice - it remains a potentially wise course of action to make overpayments on your mortgage whenever you can.

Paying more now will lower the amount you have left to pay if future energy price rises, for example, are as dramatic as they have been predicted to be in many quarters.

See if you can switch to a cheaper mortgage

It might be possible to find a more affordable mortgage deal with an alternative lender - but bear in mind that you may need to pay charges to make the switch.

If you’re considering seeking out a cheaper deal, it is also a good idea to do this before there is any risk of falling behind with the payments on your current mortgage. This is because if you do have any debt with your existing lender, you will still need to repay it if you move.

Arrange to pay back your mortgage over a longer period

Presuming your mortgage isn’t an interest-only one, increasing the term of your mortgage could be an option for reducing how much you have to pay each month.

Taking this route would, though, force you to pay a greater amount of interest in the long term. Still, there’s always the option of overpaying from time to time whenever your circumstances allow, and it might be that you only need to spend a few months paying less until your situation allows you to go back to paying the previous monthly amount.

Take out a suitable mortgage protection insurance policy

Purchasing mortgage protection insurance won’t - of course - reduce your existing mortgage payments. However, it can help provide a layer of protection if you are keeping pace with your mortgage payments right now, but are fearful that future illness or injury would render you unable to work.

The way this type of insurance works is that if you do suffer from a long-term sickness or disability preventing you from working, a sum of money will be paid each month to allow you to keep on paying the mortgage. Some of this money might also be put towards other household expenses that you may otherwise struggle to pay in the event of not being able to work.

As you can see from the above advice, ensuring that you can continue paying your mortgage during the cost-of-living crisis isn’t necessarily just about reducing your payments now, if that is needed; it’s also about putting in place the right support for any future struggles.

Call our free and no-obligation advice line now on 0800 316 6917, and we can help ensure you only purchase mortgage protection insurance - or any other form of protection cover - that is well-matched to your practical and budgetary needs alike.

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Read What Our Customers Think of Us

Five Stars (4.9)

Great communication, help and guidance.

All my questions were answered, as I know little on how life cover, critical illness and terminal insurance policies work.

I was given good independent advise, so I could confidently make my choice on what was right for me.

- Denise

Clear, friendly, efficient and prompt service.

No nonsense, no jargon, just clear and informative guidance. Very quick with results which did not disappoint. Delighted with my deal which was a third cheaper than my own bank offered me and I didn’t do any of the legwork. More than happy to recommend.

- Ms Shannon

I found the customer service representative very polite and informative and helpful.

I wished some information on life insurance for a mortgage I have applied for.

All in all the process was very useful and informative and the representative was very helpful and polite. I would recommend this online service to anyone who is looking for life cover.

- Mrs Severn

Very good professional service.

I was impressed by the quality of service by the advisor who dealt with my request. He has carefully listened to my requirements, asked a few relevant questions and has provided me with the option which suited my needs in the best possible way. I have really admired his flexible approach and fantastic customer skills.

- Mrs Cookson

Professional and no-nonsense approach.

Very thorough yet friendly service. Good contact and information one can understand.

- Heather Cronley

A professional customer centric company with the client at the heart of the transaction.

The advisor put me at the heart of the transaction, was professional, gave realistic opinions and suggestions offering me choices in clear terms which I understood.

- Andrew Hughes

Outstanding service and knowledgeable customer service rep.

I received a call as promised in my email. Marie Bedding was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.

Marie was very sensitive when discussing personal circumstances and listened carefully and showed compassion to my details. Marie then said ‘leave it with me and ill get back to you’, within 20 minutes Marie was back on the phone with the quotes as promised and gave me a selection of options to chose from.

Marie did not pressure me with the ‘Hard Sell’, I needed time to discuss the options with my partner, Marie kindly emailed me all the details and left it in my hands to contact her once I had made a decision and if I would like to go ahead with the policy.

I cannot fault this service and the professionalism I received.

- N Marsden

Excellent Service.

Great service, easy to understand terminology. Everything explained and documented by adviser. Thank you.

- Glenda

The quotation service is provided by an FCA-authorised insurance specialist

Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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