The temporary support scheme of Payment Deferrals, introduced by the Financial Conduct Authority (FCA) as a result of Covid-19 has now ended.
However, our Mortgage Support Promise outlines the ways we’re still able to help our mortgage customers who are experiencing financial difficulty, how we are working with them to understand their circumstances and whether we can offer them a personalised Mortgage Support Plan.
It provides clarity and reassurance to those who need it most at this time, and incorporates the latest guidance from our regulator, the FCA.
1. Tailored Mortgage Support
We are committed to supporting our members through our Mortgage Support Process and to providing them with Tailored Mortgage Support, designed to help get their mortgage back on track.
We will ask you to complete a Mortgage Support Account Review to help us understand your circumstances. We’ll use the information you provide to determine the affordability and sustainability of your mortgage and to offer you a personalised Mortgage Support Plan.
Please read the information provided and our Mortgage Account Review page to help you make the right decision.
2. Talking is important
We understand that the impact of financial difficulties on you and your family may be complex and wide-reaching but we want you to know that we’re here to listen and help.
By fully explaining your circumstances you will help us to offer a Mortgage Support Plan that is appropriate for you.
We would also encourage you to seek independent advice if you are unsure how to proceed, including seeking help about how to prioritise making your mortgage payments and payments towards other outgoings and any other debts you may have.
Repossession is always a last resort and provided that you continue to fully co-operate with our Mortgage Support Process, we will only take this action if we:
- are unable to reach an agreement with you that will return your mortgage to an affordable and sustainable position; and
- have been unable to agree an alternative Mortgage Exit Strategy such as Voluntary Sale or Voluntary Surrender.
If you would like to discuss Repossession or the Voluntary Sale or Voluntary Surrender of your property please contact us.
It is important to remember that your mortgage is a Priority Debt and that the decisions you make about your mortgage payments are very important for you and your household.
If you are unsure how to proceed, including how to prioritise making your mortgage payments, other outgoing payments and any debts you may have, then before reaching your decision we strongly recommend that you consider obtaining independent advice.
Citizens Advice has produced a helpful guide to understanding and managing Priority and Non Priority Debts which you can find here.