Help with mortgage payments

Why it’s important to contact us

If you’re feeling anxious about telling us that you have money worries, there’s no need – we want to help you manage the situation, so you can avoid the serious consequences of missing mortgage payments. But we need to be clear about what those consequences are.

• Missing mortgage payments will affect your ability to borrow money from any lenders in future
• If you have a joint mortgage or a guarantor, they’ll be liable for the money you owe
• Continuing to miss payments means we may begin legal proceedings to recover the money you owe – that could, as a last resort, lead to us repossessing and selling your home
• And if the proceeds from the sale don’t cover what you owe, you’ll still have to repay the shortfall

If your mortgage came with a Mortgage Current Account, and you’ve used the reserve to borrow money (like an overdraft), you’ll need to include this repayment in your plans.

How we can help you

We can talk to you about different ways to make your mortgage payments, based on your individual circumstances and what’s affordable to you.

Talking to us about your money worries won’t affect your ability to borrow more in the future.

You might be able to reduce your monthly payments for a set period of time while you sort out your finances. 

This could include:

• Switching to interest-only payments for a period of time
• Paying less if you’re expecting changes to your finances
• Getting a tailored solution to your needs.

You could also extend your mortgage term. This means you’ll pay less each month, but over a longer period of time.

Although this will reduce your monthly payments for now, your future mortgage payments could increase. You might also need to pay more interest over the term of your mortgage as your overall balance could increase.

You’ll have plenty of time to decide on the right payment method for you. You can also get free independent financial or legal advice before agreeing to anything.

Get free and independent advice

There’s lots of impartial and confidential support available if you have money worries. Getting advice won’t affect your credit score or involve a credit check.

Here are some organisations that can help you, from working out your budget to, tackling debt and checking your eligibility for state benefits. They can also help with prioritising your debts to help you avoid missing your payments.

• Visit National Debtline or call 0808 808 4000
• Visit MoneyHelper
• Visit StepChange Debt Charity or call them for free on 0800 138 1111
• Visit Citizens Advice or go to your local Citizens Advice bureau.

If you need emotional support:

Samaritans – call them free at any time on 116 123 or email jo@samaritans.org

Avoid short-term answers

Some companies offer loans specifically to cover mortgage problems. They may even offer to buy your home and then rent or lease it back to you. But loans like these can be very expensive and are usually secured against your home, so you could be putting it even more at risk. We strongly recommend that you get independent advice before considering any arrangements like this.