Here’s a list of frequently asked questions…
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Financial Difficulties
There are many organisations available who can offer free, impartial advice on how to deal with your debts. See the Independent resources section under our Support page for more details.
We understand and you’re not alone. We’re here to help. We know this can be a very worrying time and it’s important to get in touch with us so we can understand your circumstances and see how we can support you. You can reach our team of experienced agents by calling 0330 159 7152. Our phone lines are open Monday to Friday 8:00am – 8:00pm, Saturday 9:00am – 1:00pm (excluding bank holidays). If you’d prefer, you can send us a message through our secure self-serve facility and we’ll aim to respond to you within 5 working days.
We’ll only instruct solicitors to take possession action as a last resort and when we’ve exhausted all other options. We won’t take possession of your property for at least 12 months from the date of your first missed payment (unless you ask us to, or we’re told that it’s empty).
If we’ve written to tell you that we’re planning to seek possession of your property, you can obtain free legal advice and representation from the Housing Loss Prevention Advice Service (HLPAS). You can find your nearest HLPAS provider by typing in your postcode at https://find-legal-advice.justice.gov.uk/ and ticking the box “Housing Loss Prevention Advice Service”. You can also visit our independent help page for details of a range of organisations who can provide you with free and independent advice and support.
If there has been a change to your circumstances and you’re unable to afford your monthly payment, we’re here to help. You can reach our team of experienced agents by calling 0330 159 7152. Our phone lines are open Monday to Friday 8:00am – 8:00pm.
If you have debts with other companies or want independent advice, we might recommend you speak to a debt adviser. You can find details of the debt advice organisations we work closely with on our support page.
This helps us understand your financial situation and what options may be suitable for you.
Following changes brought in by the Consumer Credit Act 2006, we must tell you that your account is in arrears. We will send a subsequent notice if your account remains like this for six months. The notice does not affect temporary reduced payment arrangements.
We’ll write to you a month before the payment arrangement ends. If you’re still in financial difficulties we’ll need to review your situation and agree a new arrangement.
If your mortgage is two or more payments in arrears, we’ll add a £40.00 fee to your mortgage balance each month. This is to help cover the extra costs of managing your account whilst it’s in arrears.
We won’t charge the fee if you pay your full mortgage payment each month or agree a payment arrangement with us and keep to the agreed arrangement.
If you’re struggling with your mortgage payments, please talk to us. You can call us on on 0330 159 7152. Our phone lines are open Monday to Friday 8:00am – 8:00pm.
- Interest:
You’ll be charged more interest. This is because your mortgage balance will be higher than expected. The additional interest will increase the amount you owe and reduce the amount of equity you have in your property. - Your credit file:
Each month, we’ll tell credit reference agencies about any arrears on your account. This may make it more difficult or expensive for you to borrow money in the future. You can find more information about how credit file reporting works here. - Fees which may be charged:
If your mortgage goes two or more payments in arrears and you don’t have an agreed payment arrangement in place, we’ll add a £40.00 fee to your mortgage balance each month. This is to cover the extra costs of managing your account when it’s in arrears.
Here’s an example of how much extra it could cost you by having just one arrears fee added to your balance (based on an interest rate of 9.14%). The same principle will apply to other fees that might be added to your balance (such as legal fees or Direct Debit rejection fees).
| Remaining mortgage term | 5 yrs | 10 yrs | 15 yrs |
|---|---|---|---|
| Arrears fee (A) | £40 | £40 | £40 |
| Additional interest over term (B) | £22.59 | £58.71 | £115.66 |
| Total (A + B) | £62.59 | £98.71 | £155.66 |
We won’t charge an arrears fee if you pay your monthly mortgage payment or have an agreed payment arrangement with us. It’s important to get in touch with us if you’re struggling so we can look at ways to support you and help you avoid incurring any arrears fees.