Category:
Ways we can help
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.
Important information about making lower payments:
- We normally agree for you to pay less than your monthly payment to cover a temporary change in your circumstances, like being out of work or undergoing medical treatment. It isn’t a long-term solution.
- Paying less than your monthly payment may result in your account going into arrears. Once your finances are back on track, we’ll work with you to agree an affordable arrangement to pay the arrears back.
- 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.
- If your mortgage is in arrears, 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.
- Paying less than your monthly payment may affect your eligibility to use your flexible features (if you have them). You can find out more about the criteria here.