I’m in arrears or having difficulties paying my mortgage, what should I do?
We’re here to help as much as we can. Please call us on 0800 169 9722 (Monday to Friday 9am – 5pm) as soon as possible so we can take you through your options.
We may require you to complete our income and expenditure form to help us get a better understanding of your financial needs.
- I’m fine at the moment but may have difficulties paying my mortgage soon, what should I do?
What else should I do in the meantime?
If somebody else is equally responsible for the mortgage payments, or guaranteeing the mortgage, ensure they are aware of what’s happening.
And if you have mortgage payment protection insurance, you should check whether it could help with mortgage payments. It’s also worth checking whether you’re eligible for state benefits by referring to the Department for Work and Pensions.
- If I’m in arrears, will I incur additional fees?
What will happen if we can’t agree a solution?
If we can’t agree on what to do next over the phone, then we may send a Field Agent out to meet with you and discuss your situation. This service will be charged to your mortgage account.
Depending on the severity of the situation, we may start proceedings to repossess your property through the courts.
Does that mean my home or property is at risk?
The mortgage loan is secured on your home or property. This means it is at risk if you do not keep up with the monthly mortgage payments. If this happens, it may mean going to court to start court proceedings to repossess your home or property. Starting court proceedings does not necessarily mean that we’ll repossess your property. We’ll keep trying to resolve the matter with you. Repossession is absolutely a last resort.
- What should I do if you start proceedings to repossess?
What happens if my home or property is repossessed?
Before we repossess your home or property, we’ll give you information about getting in touch with your local authority to see if they can find you somewhere else to live.
When it comes to the sale, we’ll sell the property as soon as possible for the best price we can reasonably get. We’ll also give you reasonable time to take your possessions from your home. The money raised from selling your home or property will be used to pay your mortgage and any other loans secured on it. If there’s any money left over, we’ll pay it to you.
If the sale doesn’t raise enough money to pay the entire debt, will I need to pay the shortfall?
Yes, you’ll still owe us the shortfall. We’ll let you know the amount as soon as possible. If you bought your home with other borrowers, each of you is responsible for all of the money borrowed. This is true even if you normally only pay part of the mortgage.
We’ll take into account your income and outgoings when we arrange a payment plan with you for the shortfall, and you might have to pay the court costs. Not paying off the shortfall could affect your ability to obtain credit in the future.
- I want to make a complaint as I feel I‘ve been unfairly treated, how do I do this?
When it comes to mortgages, there can be lots to think about. That’s why we’ve pulled together a list of our most frequently asked questions, to help you stay on top of things.