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, although this will depend on your circumstances. You may be able to
- Extend your mortgage term, so you can pay less each month but over a longer period of time
- Reduce your monthly payments for a set period of time, while you sort out your finances
It’s important to understand that while these arrangements would reduce your monthly payments now, they will increase the overall cost of your mortgage. That’s why we’ll give you time to consider the arrangement we suggest, so you can get impartial financial or legal advice before making any changes to your mortgage.