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What Happens If Interest Rates Change?: If you have some form of fixed interest rate mortgage you will be unaffected by changes in interest rates. Otherwise you can expect a change in the rate of interest charged on your mortgage.
What is a Fixed Rate Mortgage?: A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
What Are ISA Mortgages?: If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
Equity Release: Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.
What Happens If I Have Bank Defaults?: If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.

Is There Any Way I Can Lower My Monthly Repayments Without Switching Mortgages?

If you find that you cannot afford your monthly mortgage repayments and do not wish to switch your mortgage to another lender – then you will need to negotiate new terms with your existing lender.

This will essentially mean setting up a new agreement with your lender, because the only way to reduce your payments would be to stretch the mortgage out over a longer term.

There are a few variables in here – based on your age, and how long the mortgage was taken out for in the first place. If your retirement age occurs before the end of the mortgage term, then you may have difficulty renegotiating. If your mortgage was already a 30 year mortgage and you couldn’t afford it, then you may find the only option is to move to a cheaper house and therefore take on a cheaper mortgage.

You may find that to get the best deal for your money you will need to switch lenders and make the most of reduced introductory rates (discounted rate mortgages, capped rate mortgages) to lower your monthly payments for a while, and allow you to get back on your feet again financially.

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