If you no longer wish to remain in your home and have somewhere else to live, regardless of whether there are any mortgage arrears, you can choose to voluntarily surrender the property (often known as ‘handing the keys back’). You should think very carefully before going ahead with this option.
Ways we can help
Selling your property (for less than the outstanding mortgage amount)
This is known as a sale at shortfall. If you wish to sell your property, regardless of whether there are any mortgage arrears, and the sale price won’t be enough to pay back your mortgage balance you will need to go through our sale at shortfall process.
Assisted voluntary sale scheme
If you are no longer able to afford to live in your home, we may be able to help you sell the property through our assisted voluntary sale scheme. You’ll be able to stay in your property while it’s on the market, you’ll stay in control of the sale process and we’ll even pay your …
Government rescue schemes (Scotland & Wales)
If you can no longer afford to make your mortgage payments but want to stay in your property and are resident in Scotland or Wales, you may be eligible for one of their mortgage rescue schemes. These schemes allow you to keep living in your own home as a tenant, part-owner or part-tenant. If you …
Capitalising your arrears (adding them to your mortgage balance)
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.
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.