Payment difficulties
Who to talk to about payment difficulties.
If you find yourself in financial difficulty, you may be worried about making your monthly mortgage payments. If you think you may have issues paying your mortgage, we encourage you to contact us as soon as possible so that we can help.
We try to be understanding and supportive of our customers and will work to come up with a solution that allows you to stay in your home – some of the options that may be available to you are shown in the table below.
However, if would like to discuss your circumstances with someone other than us, there are organisations available that offer advice for people in financial difficulties:
How can we help if you are facing difficulty paying your mortgage?
If you expect that you might have trouble making your mortgage payments in the near future, there are some options available to help you:
| Term extension | By extending your mortgage term, you pay your mortgage back over a longer period, meaning your monthly payments will be lower. This may mean you pay more overall. |
| Switch to interest only | Your monthly payment will be lower as you are only paying the interest and not paying off the amount borrowed (the capital). You will need to pay back the money you owe at the end of the term, so you should plan for how to do that. This option can be temporary or permanent, depending on your situation. |
| Payment holiday | In some circumstances it may be possible to temporarily reduce or pause your monthly mortgage payments for an agreed period of time, however this may mean that you repay more in the long-term. |
| Product switch | It may be possible to change your mortgage product to reduce your monthly payments. We will discuss your eligibility for any products. |
Not all of the options listed above may be available to you, but we will talk with you about your circumstances so that we can consider the best outcome for you.
If you need help, you can speak to one of our Mortgage Advisers who will assess and advise on the best course of action to get you back on track.
Your home may be repossessed if you do not keep up repayments on your mortgage.
