Help for Borrowers

If you are experiencing difficulty meeting your monthly mortgage repayments, it is important that you address the issue without delay. There are various options available to you and many independent bodies and charities that can assist you. Court proceedings are always a last resort and lenders will be forthcoming in assisting you if you are in financial difficulties.

Contacting Your Lender

One of the first steps you should take is to speak to your lender without delay. It is in both parties’ best interests to try and find a solution to your problem, and your lender will be sympathetic and forthcoming in offering as much assistance as they can.

It can be easy to try bury your head in the sand, but your lender will have facilities to assist you. If the mortgage has become unaffordable, it may be possible to explore one of a number of options to improve the situation. These options can include:

  • Reducing mortgage repayments by, for example, lengthening the term of your loan
  • Considering a temporary interest-only product conversion or concessionary period
  • Adding arrears to the mortgage account instead of seeking immediate repayment (known as ‘capitalising’ the arrears)
  • Accepting reduced payments for a temporary period
  • Changing your method or dates of payment
  •  ‘Assisted Voluntary Sale’ schemes

The earlier you make contact with your lender, the sooner the problem can be addressed. All our clients have assistance pages on their websites. These are extremely useful.

Seeking Independent Advice

We understand that it is important to be able to seek competent and independent advice and there are various organisations that can assist you. Whether that is financial or if you are finding the process stressful. Although you should still always contact your lender, these organisations can also work with the lender on your behalf once you have provided them with authority to do so. They can also identify any other options available to you.

Here is a list of some of the leading organisations and charities, though there are others available.

Click here to download our Help for borrowers flyer