Worried about future payments?
Please contact us as early as possible if you have not missed a mortgage payment but you are worried about making payments in the future. We will work with you to support you and to discuss options to make your payments more manageable where possible.
If you haven’t yet missed a payment, we have options we can discuss with you to reduce your monthly repayments and help get you back on track.
Options that may be available to you
Temporary change to Interest Only
Switching to interest-only payments means you will only pay the interest on your mortgage rather than repaying the capital and interest.
Term Extension
You can request to extend your term so you repay your mortgage balance over a longer period, which will then reduce your monthly payments.
Product Transfer Option
If you are approaching the end of your initial rate mortgage with us or have reverted to a variable rate, you may be eligible to switch products using a Product Transfer. This is subject to meeting our eligibility requirements.
Talk to us
If you are worried about keeping up with mortgage payments or simply want to talk to us, please feel free to contact us.
Frequently asked questions
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No, you can only apply for one of them, you can either extend the term or switch to interest-only payments for six months.
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No, you can apply for temporary interest-only payments or a term extension no matter how long you’ve had your mortgage.
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If your account is one month in arrears, we cannot offer you temporary interest-only payments or a term extension, we will need to discuss our arrears support options with you. Please contact our Customer Support team on 0344 257 0427 so that we can discuss your situation with you.
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Yes
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Yes. It is important to understand that any support we provide relates only to your mortgage with us.
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If you’ve switched to interest-only payments, you’ll automatically go back to capital and interest repayments and your monthly payments will increase to a higher level than before you switched to interest-only. This is because you’re paying back the same balance over a reduced period of time.
We will be able to provide you with details on future repayment amounts when you contact us.
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If you’ve extended your mortgage term, you can request to switch back to your original term with no affordability check within six months of making the change. After six months, a change in term can be requested in line with our policy, this is to check you are able to afford the change in payments.
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This will depend on the date you advise us to proceed with any change. We will let you know the date your new payment will be taken in advance.
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Yes, you can still request to switch to interest-only payments after your Product Transfer has completed.
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Yes, eligible customers can apply for a Product Transfer after their switch to interest-only payments or their term extension has been applied.
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It’s the same as missing a mortgage payment. We’ll work with you to understand what additional support you may need. If possible, you should try to contact us before you miss a mortgage payment.
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No, we won’t report it negatively to Credit Reference Agencies as long as the required payments are made.
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You’ll need to check any insurance policies linked to your mortgage to make sure they still meet your needs. If your insurance policy decreases over time, you might not have enough insurance to cover your full mortgage. If you extend your mortgage term and your insurance covered the original term, you’ll have a shortfall in cover.
You will need to contact your insurance providers for more information on this.
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If you’d like some impartial and confidential advice, here are some details of organisations that can help:
- MoneyHelper – visit moneyhelper.org.uk
- StepChange Debt Charity – call 0800 138 1111 or visit stepchange.org
- National Debtline – call 0808 808 4000 or visit nationaldebtline.org
- Citizens Advice - visit adviceguide.org.uk