Fact sheet

Can't pay your mortgage?

If you have a mortgage you will be expected to make regular monthly payments to your lender. How much you pay will depend on the type of mortgage you have, the term of the loan and the rate of interest on it.

If there are any changes in your own, or your household's circumstances, it may help if you let your lender know if the change will affect your ability to repay your mortgage.  If your lender knows there is a problem they can then discuss options to help you. The earlier you make contact, the greater the chance that you will be able to sort something out.

Repayment difficulties

The current economic climate is putting many households under increased financial pressure, and sometimes this translates into a short or longer term inability to make certain payments. If this happens to you and you have a mortgage with a building society, it is important to realise that building societies do not want to repossess your home - it really is a last resort.
 
If you are in arrears with your mortgage or fear that you may have difficulty making repayments in the near future you can increase in your chances of managing the issue by contacting your lender quickly.  The worst thing to do is to ignore the problem.
 
Building societies recognise that some people may not be able to pay their mortgage for a period of time and that there can be different reasons for this. They will be aware that some borrowers may struggle with their repayments because of changes in their personal circumstances.  These can include job loss, relationship breakdown and bereavement amongst others.   Building societies are committed to helping their customers remain in their home, and offer solutions that are tailored to the individual circumstances.
 
All building societies in the UK have signed up to a Customer Commitment which sets out how they will work closely with customers in financial difficulties.

Customer Commitment

Your building society will also help you to get relevant money advice through free debt advisers and work with you and if appropriate the debt adviser, to agree a workable action plan.
 
Further information is available here:

Can't Pay your Mortgage?

Money advice agencies

If you are worried about your financial situation and want to speak to someone, the following agencies may also be able to help you:

Money Advice Service

National Debtline 

StepChange Debt Charity

Shelter

Citizens Advice

Payplan

Though there are several government schemes currently available to help homeowners in difficulties, they are not suitable for everyone. They are also not an alternative to contacting your lender. Your building society or independent debt adviser will be able to help explain to you what the benefits and implications of joining any scheme may be for you.