Three in 10 mortgage-holders have been concerned about meeting their mortgage payments over the past year, according to new Which? research.
Rising mortgage rates are putting further pressure on homeowners’ finances. The best fixed-rate deals have increased by more than a percentage point since conflict erupted in the Middle East earlier in 2026.
Here, we explain why you should talk to your lender if you are struggling, highlight options to reduce your monthly repayments and explain the potential costs and risks of each approach.
1. Contact your lender
If you’re struggling to pay your mortgage, contact your lender as soon as possible. The sooner you contact them, the more options they may be able to offer.
You don’t need to have missed a payment to ask for help. Your lender can discuss your circumstances and explore a possible solution, and simply asking for support won’t affect your credit score.
If you have missed mortgage payments, you may qualify for government support. The help available depends on whether you live in England, Scotland, Wales or Northern Ireland and whether you receive any state benefits.
- Find out more: what to do if you can’t pay your mortgage
2. Check that you are on the best deal
When a fixed-term mortgage deal ends, such as a two-year tracker or five-year fixed rate, you’ll usually move onto the lender’s standard variable rate (SVR). Our survey* of more than 6,500 homeowners found that 17% were on their lender’s SVR.
If you’re on your lender’s SVR, check whether switching could save you money. These are typically the most expensive deals. For example, Halifax and TSB have SVRs of 7.49%. SVRs have also gone up recently, following the decision to increase the base rate to 4%, making it more important to review your mortgage deals.
The best fixed-rate deals offer lower rates, ranging from just below 5% to around 5.5% depending on the equity in your home.
For example, switching a £200,000 mortgage with 20 years remaining from a rate of 7.5% to 5.5% would cut monthly repayments from £1,611 to £1,376. That’s a saving of around £235 a month, or more than £2,800 a year.
If you have stuck with your lender’s SVR because of flexibility, potentially because you expect to move soon, talk to a broker about other options. You may be able to find a deal that offers the flexibility you need without paying such a high rate.
Tracker mortgages can offer lower initial rates, potentially as low as 4.2%. However, be wary of switching to a tracker deal. The rate rises with the base rate, and forecasts expect it to increase multiple times over the next couple of years.
- Find out more: best mortgage rates
3. Extend your mortgage term
Another option that reduces monthly repayments is extending your mortgage term.
Taking the same £200,000 mortgage at 5.5%, extending the term from 20 to 25 years would cut repayments by almost £150 a month.
While extending your mortgage term will save you money each month, because you will pay your mortgage for longer, it will result in your total repayment amount rising. In the example above, you would pay around £38,000 more in interest over the lifetime of the loan by extending it by five years.
Use our repayment calculator to understand how your monthly repayments and total repayment amount change depending on the mortgage term.
4. Switch to interest-only
Most homeowners have a repayment mortgage. Our research found that 73% of respondents have this type of mortgage, where you pay off the interest and part of the capital each month.
The other main type of mortgage is interest-only. With these products, you only pay off the interest on the loan each month. Then at the end of the mortgage, you have to pay off the capital.
Interest-only mortgages have much lower monthly repayments. Switching the same £200,000 mortgage to interest-only would reduce monthly payments from around £1,376 to £917 – a saving of more than £450 a month. But unlike a repayment mortgage, you wouldn’t be paying off any of the £200,000 you owe during this period.
As these types of mortgages have much lower monthly repayments, your lender may suggest moving to an interest-only mortgage for a period of time. Be aware that by switching to an interest-only mortgage, it will take longer to clear your loan.
- Find out more: interest-only mortgages explained
5. Take a payment holiday
When speaking to your mortgage lender, one option you may be offered is a temporary break from your monthly repayments, known as a mortgage payment holiday. These typically last for between one and 12 months.
Before considering this, your lender will likely explore whether you could make reduced monthly payments, such as through the two options outlined above.
Interest will continue to build up on your mortgage during a payment holiday, increasing the overall cost of your loan. If you can afford to keep paying the interest, you’ll reduce the amount added to your mortgage and the total cost of repaying it.
For example, taking a six-month payment holiday on a £200,000 mortgage with 20 years remaining and a rate of 5.5% could mean your monthly repayments rise by almost £30 when the holiday ends. This means that although you’ll have less to pay in the short term, you’ll face higher repayments afterwards and pay more interest overall.
A mortgage holiday agreed in advance with your lender won’t normally be recorded as a missed payment on your credit file, but it could still affect future mortgage applications. You should speak to your lender about the impact on your credit score and future applications before choosing a payment holiday.
Where to get free debt advice
If you’re struggling with debt, it can be helpful to take independent advice on your options.
Free advice is available from several organisations, including the following:
Find out more: free debt advice contacts
*Our research is based on an online survey, conducted by Deltapoll of 6,514 members of the public in August and September 2026.
