While the interest rates are almost at their lowest ever, many people are still struggling to afford their mortgages: repossessions are climbing and are 71%higher than October 2007. Things are looking bleak for those who do not have access to information and resources, many of which are sponsored by the government.

If you think your property may be in danger of being repossessed, do not leave things until it’s too late. There are many different organisations that can help you figure things out and the banks have been warned: do not repossess a property unless there is no alternative. Mortgage lenders now have to prove how they tried helping a defaulting client.

Mortgages aren’t all they’re cracked up to be. They’re costly and not for everyone. This means that some are considering taking a break from the property market and going back to renting. They are selling their properties to invest the cash somewhere else. This could mean that your finances look healthier and your lifestyle could improve, too.

If you finances were in a poor state before, because you could not afford your mortgage payment, then you may be saved from repossession and being made bankrupt.

But many people still feel as though renting is not really an option for them, and the long term goal is to own a home of their own, without any further mortgage payments. If this is your goal but you are struggling to make your mortgage payment, now is the time to think of ways to make things financially better. Consider renting out a spare room — there should be many around, with some of them being former homeowners.