Money worries

Rising living costs and interest rates affect lots of people. We know that circumstances can change at any time, and that this may impact your well-being or finances. Whatever your situation, you’re not alone. You should get in touch before paying your mortgage becomes a problem.

Take a look at our short video to see how we can help if you’re in arrears or have a Buy to Let mortgage.

Read about how we can support you under the UK’s Mortgage Charter below, if:

  • You have a residential mortgage for the property you live in
  • You struggle to make your payments
  • Your payments are up to date.

Applying for help under the Mortgage Charter, won’t affect your credit score

Send us a message on your hub or call us on 0345 300 8000* as soon as you can if you’re worried about paying your mortgage. The sooner you get in touch, the easier it is for us to help.

 

What happens when I call?

We need to get a clear idea of your finances. We’ll talk about your money situation, how much you can afford and what organisations you can go to for support.

You can use our Income and Expenditure form to work out how much income you have coming into your household, and how much you pay out.

We might ask you to send the form to us after the call. We’ll use it to see what your options are. Depending on your circumstances, we could:

  • Lower your monthly payments for a short time
  • Reduce your interest rate
  • Switch your payments to interest only for a while
  • Extend the length of your mortgage to lower your monthly payment
  • Add any missed payments to your mortgage balance.

Whichever we agree on, we’ll work with you to make sure your plan still meets your needs.

 

What else should I do?

  • Tell anyone paying the mortgage for you about your situation
  • Check if you have insurance that could help pay your mortgage
  • Contact the Department for Work and Pensions to see if you can get any benefits or tax credits
  • Visit our mental health page if you’re feeling down, stressed or overwhelmed, and need extra support.

 

Where can I get help with my finances?

If you want help to manage your mortgage, you can:

  • Ask someone you trust to talk to us for you. You’ll need to apply for third party mandate
  • Choose someone to help you make decisions, either together or on your behalf. To do this, you’ll need to set up a power of attorney

The following organisations can help with any financial worries you may have. They offer free and independent advice:

Debt help:

Help with housing:

  • Shelter offer help and support if you’re at risk of losing your home, living in poor conditions or are homeless.

Mental health support:

  • Mind help people to understand and manage their mental health
  • Mental Health UK support people facing mental health challenges. This includes those linked to money worries, alcohol use, loneliness, and isolation
  • Samaritans has a 24/7 helpline for anyone feeling overwhelmed or is in or may end up in a crisis.

General advice:

  • Citizens Advice Bureau offer advice on a wide range of issues, including benefits, housing, debt, work problems, and legal matters. They can help you understand your rights and what steps to take
  • GOV.UK has up-to-date information on benefits, help with housing, financial support, and how to manage debt.

* Visit our accessibility support page to call using a British Sign Language (BSL) interpreter. To call using text Relay, dial 18001 then the number you want to call using a textphone or the Relay UK app. All calls are recorded for training and monitoring purposes. Lines are open 9am – 5pm, Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

The UK Government’s Mortgage Charter provides temporary support for borrowers who struggle to pay their residential mortgage, but aren’t in arrears.

You can choose from one of three support options:

  1. Switch to a new mortgage deal up to four months before your current deal ends
  2. Change your mortgage to interest only for six months
  3. Extend the length of your mortgage, known as your mortgage term.

Under the Charter:

  • We can’t recommend which option is best for you
  • There’s no check to see if you can afford the new payments
  • Your credit score won’t be affected
  • We won’t repossess your home within 12 months if you miss a mortgage payment for the first time and haven’t brought your account up to date.

These options can give you short term help, but they may increase the overall cost of your mortgage.


  • Switching to a new mortgage deal

    Why should I switch?

    A fixed rate mortgage means your interest rate and monthly payment stay the same for a set amount of time, which can help with budgeting.

    When your fixed period ends, your mortgage changes to a variable rate. This rate can go up or down and depends on whether your mortgage is linked to the Bank of England Base Rate or our Standard Variable Rate.
     

    When can I switch?

    You can apply for a new fixed rate deal:

    • Up to four months before your current deal ends. The new rate will start after your current deal finishes
    • If your mortgage is already on a variable rate, depending on your mortgage terms.

     

    See our rates and check your payments

    Take a look at our rates to see what’s on offer. You can use our calculator to see how different interest rates can affect your monthly payment.

    Our rates can be withdrawn at any time, without notice.
     
    Calculate payments
     

    How to apply for a new mortgage deal

    Visit our switch to a new rate page for details.

  • Make interest only payments

    You can change your mortgage to interest only to lower your mortgage payments for six months. This is because you’ll only pay the interest on your mortgage balance, which is the amount you owe us. However:

    • Your mortgage balance won’t reduce during this time
    • After six months, your mortgage will go back to repayment. Your monthly payment will go up as you’ll have to pay back the amount of your loan which you didn’t pay over the six months
    • You’ll pay more interest overall, so the total cost of your mortgage will be higher
    • If you can afford your current payments, you should carry on paying them or think about switching to a new deal.

     

    Who can apply?

    You can apply to change your mortgage to interest only for six months if:

    • You have at least one year left on your mortgage
    • All or part of your mortgage is on repayment
    • You’ve made your first mortgage payment
    • Your account isn’t in arrears.

    Use our calculator to see how this option could affect your mortgage.
     
    Calculate payments

  • Extend your mortgage term

    You can have your mortgage over a longer period to lower your monthly payments. However:

    • Your mortgage will cost more overall, as you’ll pay interest for longer
    • If you can afford your current payments, you should carry on paying them or think about switching to a new deal.

     

    Who can apply?

    You can apply to extend your term if:

    • Your mortgage is on a repayment basis
    • You’ve made your first mortgage payment
    • Your account isn’t in arrears.

     

    What you need to be aware of:

    • If your mortgage is part repayment and part interest only, we’ll extend the term for both parts, but your interest only payments will stay the same
    • You can extend your term up to 40 years from the original start date of your mortgage
    • The new term can’t extend past the eldest borrower’s 75th birthday or expected retirement age, whichever is sooner.

     

    Can I reduce my term again in the future?

    You can go back to your previous term within the first six months with no checks. Your payments will be higher though as you’ll have paid less off your mortgage balance whilst your term was extended.

    After six months, we’ll need to check your payments will still be affordable.

    You’ll need to tell us if you want to change your term back. You can message us from your hub or call us on 0345 300 8000*.
     

    How much would it cost me to extend my term?

    Use our calculator to see how this could affect your mortgage.
     
    Calculate payments

  • How do I apply?

    You can only apply directly through us:

    Interest only payments

    Online

    Apply online

    By post

    Download form

    Ask us to post you a form if you don’t have a printer.

    Extend your mortgage term

    Online

    Apply online

    By post

    Download form

    Ask us to post you a form if you don’t have a printer.


     
    Please read our Execution Only Disclosure (PDF) before applying. It explains what it means to request a change without receiving advice from us.
     

  • FAQs

    What if I still struggle to pay my mortgage?

    Please contact us straight away. Visit our help with my mortgage payments page for details.

    You may also find our help and support hub useful.
     

    What if my account is already in arrears, or I have a Buy to Let mortgage?

    You can’t use the Mortgage Charter, but other support is available. Visit our help with my mortgage payments page or call 0345 300 8000* and select option one.

    You may also find our help and support hub useful.
     

    Can I apply for more than one option?

    You can only apply for one option at a time. You must make one month’s payment at the new amount before applying for another.

    You should be aware that:

    • You can only apply for interest only payments and to extend your term once
    • You must request each option separately
    • You can’t apply for a new deal or to extend your term if your mortgage has been changed to interest only for six months
    • You should talk through your options with a mortgage broker if you’re not sure which one is best for you.

     

    Can I get support if I had my mortgage through a Help to Buy or Northern Ireland Co-ownership scheme?

    You’ll need consent from Homes England or Co-ownership before you apply to change your mortgage to interest only or extend your term.
     

    What if I’m letting my residential property?

    You can only switch to a new deal if you apply for a Buy to Let mortgage. You and your property will have to meet our lending policy.

    If we’ve approved your let, you can apply for Mortgage Charter support. Visit our letting your residential property page if you don’t have our consent to let your property. You’ll need this before we can put any help under the Charter in place.
     

    Can I get Mortgage Charter support if I’m living abroad?

    Please get in touch so we can discuss your situation.

 
* Visit our accessibility support page to call using a British Sign Language (BSL) interpreter. To call using text Relay, dial 18001 then the number you want to call using a textphone or the Relay UK app. All calls are recorded for training and monitoring purposes. Lines are open 9am – 5pm, Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

Changes to the Bank of England Base Rate

On 18th December, the Bank of England decreased the Bank Base Rate (BBR) by 0.25%, so it’s now 3.75%. Your interest rate will go down by 0.25% if your mortgage is linked to this rate. This means the amount of interest you pay will also go down. This change starts from 1st January 2026. You’ll get a letter soon with your new payment amount.

We’re also decreasing our Standard Variable Rate (SVR) by 0.25%, so it’s now 6.94%. Your monthly interest will go down by 0.25% if your mortgage is linked to our SVR. This change starts from 1st February. We’ll send you a letter in January with your new payment amount.

These changes won’t affect your mortgage if it’s on a fixed rate.

You can log in to your hub to find details about your mortgage. This includes the type of mortgage you have, your interest rate, when your fixed period ends (if applicable) and your latest Annual Mortgage Statement.

  • What happens if these rates change?

    The BBR and SVR are variable rates, which means they can go up or down at any time. Whether this means your mortgage payments will change depends on the type of mortgage you have:
     

    • Tracker mortgage: your rate follows the BBR. If it goes up or down, your payments will too.
    • Mortgage on our SVR: your rate follows our SVR. If it goes up or down, your payments will too. We may change it when the BBR changes. However, these rates aren’t directly linked. Like other lenders, we can change our SVR at any time.
    • Fixed rate mortgage: your rate stays the same until the end of your fixed period. After that, your mortgage will go on to a variable rate. This could change from month to month. If it goes up or down, so does your monthly payment. You can apply for a new fixed rate deal up to four months before your current one ends if you don’t want to go on to a variable rate.

    Click the button below to see our current rates. Our rates online are the same as over the phone. These can change or be removed at any time.

    View our rates

  • Will I be told if my mortgage payments change?

    Yes – we’ll send you a letter before your mortgage payments change.

  • Do I need to do anything when my payment changes?

    • Direct Debit: You don’t need to do anything. We’ll update the amount automatically.
    • Standing Order: Contact your bank to change the payment amount. Use your mortgage account number as the reference.
    • Debit/Credit Card: Once you know how much your new payment is and the date it starts, update the amount you pay each month. Use your mortgage account number as the reference.

    We recommend setting up a Direct Debit, as it’s the easiest way to pay your mortgage. Visit our payments page to set one up.

  • What if I can’t afford my payments?

    We’re here to help. Visit our:
     

  • I’ve had help under the Mortgage Charter. Will these rate changes affect my payments?

    Your payments may still go up or down if you’re on a variable rate and you’ve had:
     

    • A temporary switch to interest-only payments
    • An extension to your mortgage term

    Your payments won’t change if you have a fixed rate mortgage.

To help us get a better idea about your finances, we may ask you to complete our income and expenditure form.

Once we have your completed form, we’ll be in touch to discuss how we can help you. We’ll use the details on the form to make sure you can afford your payments.

We may be able to use a form you’ve completed for another lender if your details haven’t changed. Please write your Bank of Ireland mortgage account number on the other lender’s form if you send this to us.

If you complete your form online, we can review your completed form sooner:

Complete online
You can also print it yourself or ask us to post you a copy:

Print at home

Request a posted form


  • Will I need to pay extra fees if I miss a monthly payment?

    There may be some charges if you fall behind on your mortgage payments. We’ll always let you know what these are. You can check our Tariff of Mortgage Charges for more details.

    Call us on 0800 169 9722* if you’ve already missed a mortgage payment, or you’re worried you may miss one in the future. The sooner you talk to us, the more we can do to help you avoid paying extra fees.

  • What will happen if we can’t come to an agreement about my mortgage payments?

    We might ask a Field Agent, who acts on our behalf, to visit you if we can’t find a solution together. Their role is to help restart the conversation about your mortgage arrears. They’ll talk you through your options. There is a cost for this visit, which will be added to your mortgage. In some cases, we may have to start the process of taking back your property – this is called repossession.

  • What should I do if you start legal action?

    The mortgage is secured on your property. This means if payments aren’t made, you could lose your property. Starting legal action doesn’t mean we’ll take your property right away. We’ll always try to work things out with you first.

    We recommend you attend the court and get independent debt advice if we do start legal action.

  • What happens if my property is repossessed?

    We’ll help you contact your local council for housing support if we do have to repossess your home.

    We’ll sell the property as soon as we can to get the best price. You’ll have time to collect your belongings. The money from the sale will be used to pay off your mortgage and any other loans secured on the property. Any money left over will be returned to you.

  • What if the sale doesn’t cover everything I owe?

    You’ll need to pay the difference if the sale doesn’t raise enough to pay off your mortgage. We’ll let you know how much that is. Everyone named on the mortgage is responsible for the full amount, even if you usually only pay part of it.

    We’ll ask about your income and how much you pay out so we can set up a payment plan. You might also need to pay court costs. It could affect your credit score in the future if you don’t stick to the plan.

  • How can I complain if I feel I have been treated unfairly?

    Please get in touch with us. We want to make things right and your feedback helps us improve our service.

* Visit our accessibility support page to call using a British Sign Language (BSL) interpreter. To call using text Relay, dial 18001 then the number you want to call using a textphone or the Relay UK app. All calls are recorded for training and monitoring purposes. Lines are open 9am – 5pm, Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.