Having Payment Difficulties

Life happens and unforeseen events can sometimes impact our finances when we least expect it. These life events can lead to a host of worries and a lack of control but rest assured that you are not alone.


We provide a personalised and empathetic approach to help you and your family through any tough times and support you in regaining and maintaining better control of your finances.

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Mortgages
Having Payment Difficulties

Firstly, don’t worry we’re here to help you.

Below are some different options, they explain what we can do to help and how we can work together.

It’s easier than you might think.

  • Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly. You can call us on 01257 235001 or email mortgages@chorleybs.co.uk

 

This will depend on your individual circumstances but we may be able to offer you one of the following options:

  • Arrange a new payment plan with you
  • Change the way you make your payments, or the date you make them
  • Allow you to pay back your mortgage over a longer period of time (which would reduce your monthly payments)
  • Change the type of mortgage you have

If we can make one of these arrangements with you, we’ll explain how it would work and give you time to consider it.

If we cannot offer you any of these options, then we’ll be sure to explain why.

It is important to know that any formal action by us is always as a last resort and we will work with you to help you stay in your home.

 

What happens if i'm already in mortgage arrears?

You’ve already taken the first step to dealing with this by simply reading this page and be assured that we will make every effort to support you if you are already in financial difficulty.

We will review any changes to your circumstances to ensure that your payments remain sustainable. It’s also important that wherever possible, you make a contribution to your mortgage payment, even if you are already in arrears. The benefits of this are that you will pay less interest over the term of the mortgage and there will be a reduced impact on your credit score.

  • Seek independent debt advice to help with managing your finances
  • Check whether you can get any benefits or tax credits which could help to increase your income
  • If you have any insurance policies, check if they will help with your payments
  • Make sure you keep any other parties to the mortgage up to date with what is happening
  • Read the guide ‘What to do if you can’t pay your mortgage‘ from the Building Societies Association and the National Debtline

Call our helpful team on 01257 235001 or email mortgages@chorleybs.co.uk