If you’ve got a home loan, there’s a good chance you’ve recently been losing a bit more sleep over it than usual. The cost of living is skyrocketing, interest rates keep going up and pay rises are few and far between.

So, what if you actually can’t pay your mortgage?

Today, finance lecturer Andrew Grant lays out the options: everything from payment plans and payment holidays to asking your bank to waive discretionary fees.

As he explains, it’s not especially rare for a borrower to face a period of temporary financial hardship and banks have processes to manage these situations. And it’s worth remembering, Grant writes, that banks typically do not want their customers to default on property.

“Usually, it’s easier for the bank to make hardship arrangements with a customer - and build trust along the way - than it is to wind up a mortgage, seize the property and then have to deal with trying to sell it in a flagging market,” he writes.

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