Payment difficulties

We really hope that the guidance we’ve given is useful and that we can find a way of helping you. But if we don’t get to speak to you to make arrangements and you start to miss your monthly payments, then we need to make you aware of what could happen:

• Missed payments will be reported to Credit Reference Agencies and this will have a negative impact on your credit rating.
• If we have to write to you about unarranged arrears, we’ll charge you administration costs.
• We may ask an independent organisation to visit you at home to discuss your financial situation. Any costs will be added to your mortgage account.
• Ultimately if arrears continue, we will have to consider recovering our balance through the courts. This is always the last resort and one we rarely have to take but it will incur a significant cost and this will impact on any equity you have in the property.

If the worst happens and we have to repossess your home

If we cannot come to an agreement with you regarding your arrears, we will have to commence proceedings to repossess your home. We will communicate with you regularly and before we take any steps to commence proceedings.

It’s never too late for us to make an agreement but any delay will result in additional interest and fees which could affect your final equity position.

Once we have taken possession:

• We’ll sell the property within a reasonable timescale for the best price we can reasonably get.
• Any surplus funds will be passed onto you or second charge holders.
• If there’s a shortfall, that is, the sale of the property doesn’t cover the balance outstanding, we’ll contact you to arrange a payment plan with you. We’ll take into account your income and outgoings to make sure it’s reasonable and that you can afford it.
• If we can’t arrange a suitable plan, we may have to go to court to get our money back – if we do this, you’ll be liable for any court costs and your credit rating could be affected in the future.

It’s never too late to talk to us

We can make an arrangement with you at any time so if you’re struggling to make your payments, or you’re worried about missing a payment, please contact us as soon as possible.

Fill in our mortgage help and support form and we’ll call you within 72 hours or call us on 0800 121 8765.

We’ll do our very best to help.