How we can help

This page explains the steps to consider and the actions we can take to support you if you’re finding it hard to keep up with your Flexi Payment Term Lifetime Mortgage payments.
 
 

Reach out early

If you’re concerned about payments now or think you might struggle in the future, please don’t wait - call us. Early contact allows us to offer the best support for your circumstances.You can call us on 01772 377 835, open Monday-Friday, 9am to 5pm.

So that we can consider all of the options available to you, please make sure you have details of your income and expenditure available.
 
Call us now

 

Important information

  1. Lifetime mortgages and Payment Term lifetime mortgages are loans secured against your home and are subject to compound interest, meaning the amount you owe can grow quickly
  2. There’s a period of mandatory payments with a Flexi Payment Term Lifetime Mortgage, and your home may be repossessed if you don't keep up with these payments
  3. Equity release may leave you with limited or no property equity remaining and will reduce your financial options in the future
  4. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  5. These are long-term financial products and are not designed to be repaid early. If you do, early repayment charges may apply

Helpful steps you can take

Prioritise essential payments: National Debtline defines essential bills as your mortgage, utilities, council tax, and TV licence. You should prioritise these, as well as groceries and insurance, before addressing other payments.

Check for benefits or credits: See if you qualify for state benefits or tax credits that could supplement your income.

Explore insurance support: If you have income protection or similar insurance, check if it could cover some payments.

Seek independent advice: Organisations like National Debtline, Citizens Advice Bureau, MoneyHelper, StepChange or Money Wellness can provide guidance on managing finances.

Update all involved parties: Ensure that joint mortgage holders or guarantors know about your situation.

 

What we'll do if you're behind on payments

If you’ve fallen behind, we’ll:

Reach out promptly: We’ll contact you to discuss your situation and explore ways to help.

Offer tailored payment options: Options we may consider, based on your account and your circumstances, include setting up an affordable arrangement for the arrears, extending the term of your schedule or agreeing to reduce payments for a short period.

You may also benefit from discussing your circumstances with your original adviser, who can advise if an alternative product offering is more suitable. Please note that moving to an alternative plan is not guaranteed and you must seek advice before pursuing this option. You may also incur additional fees and charges, including early repayment charges, as a result of this change.

Important information about legal costs and repossession

Arrears charges: If your mortgage falls into arrears, there may be additional administration or legal costs. We’ll inform you about these if they apply.

Repossession proceedings: Repossession is a last resort, and we’ll continue working with you to avoid it. If court proceedings do occur, we recommend seeking independent debt advice.

If repossession becomes necessary, we’ll make every effort to sell your property promptly at a fair price. Any remaining funds after repaying the loan will be returned to you after all costs and charges have been deducted. As all our lifetime mortgages meet Equity Release Council standards, you'll never have to repay more than your property's value, even if the sale doesn’t cover the entire debt. 

Complaints

If you feel that we haven’t treated you fairly in handling your arrears, please contact us at 01772 377 835 to discuss your concerns. If you remain unsatisfied after following our complaints process, you can reach out to the Financial Ombudsman Service for free, independent support.

Financial Ombudsman Service 
Exchange Tower, London E14 9SR  
Phone: 0800 023 4567 or 0300 123 9123  
Email: [email protected]

Important considerations

If your accounts falls into arrears, these details will be supplied to credit reference agencies to update your credit record and this may affect your ability to obtain credit in the future. Missed or late payments must be reported to the credit reference agencies to accurately reflect the activity on your account and missed payments can result in a default, if not already defaulted. Please be aware a default will remain on your credit file for six years and will be visible to future potential lenders.

Want further help?

If you still have questions, please call 03454 150 150 to speak to our customer support team or you can read the FCA's guide on arrears below.

Read the FCA's guide
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