What can you do if you've got mortgage concerns?

The last few years have been a torrid time for homeowners. The news is full of stories about high interest rates, mortgage deals that appear and vanish in weeks and warnings of a volatile year ahead.

- MARTYN JAMES

I have been filming a series of free mortgage video guides with MPowered over the last week and it’s clear from my guest experts' comments that affordability is the big concern for most people on the housing ladder.

If you are worried about what will happen when your current mortgage deal ends, don't panic. There are options even if you are struggling. But don't delay.

Short term problems

If you're worried about getting through the next few months, then explain to your lender that you are experiencing short term financial difficulties. You may qualify for a mortgage payment holiday. This is a short period where you are given a break from your regular payment, though interest will continue to apply and the missed payments get tagged on the end of the mortgage.

Though mortgage holidays are common, it's important to ask if this will affect your credit score. Ask the lender to confirm in writing that they aren't listing the holiday as a ‘default’ on your credit file.