If you would like to add your outstanding arrears to your mortgage balance, capitalising your arrears may be an option.
Letting your property
If you are no longer able to afford to live in the security property but have alternative accommodation that is affordable, we may agree for you to let the property for a temporary period.
Temporary change of repayment type
If you have a repayment mortgage and either need a reduced payment for a period of time or want to repay arrears at a faster pace, a temporary change in the type of mortgage you have – for example by temporarily converting a repayment mortgage to interest only – may be appropriate.
Term extension
If you have a repayment mortgage and need longer than the existing term to pay back the mortgage balance or outstanding arrears, we may be able to agree a term extension.
Payment arrangement
If you can afford your monthly payment or more, we may be able to agree a payment arrangement to help stabilise or reduce any outstanding arrears. The amount we agree will be based on your individual circumstances and how much you can afford to pay.
Accepting lower payments
If you’re unable to meet all or part of your mortgage payment, we might be able to accept a lower or even no payment for a period of time.
Payment Holidays
If you need a short break from making your payments, you may be able to take a payment holiday. A payment holiday allows you to stop making your monthly payments for up to three months. Check if you’re eligible You may be able to apply for a payment holiday if:
Selling your home
If you plan to sell your home to pay off your interest only mortgage you will need to think about where you’re going to live. With each of these options (particularly the first two) you’ll need to make sure that you have enough equity in your property to make your plan work. If you’re planning …