Customer case studies

Mortgages are a long-term financial commitment, so it's normal for customers to encounter payment problems from time to time. 

As bad as things might seem, there could be a number of options available to support you if you are facing a short-term payment problem. The right solution will depend on your specific circumstances and budget, so please contact us so we can begin to help.

To demonstrate the type of support we can offer, here are some real life case studies that show how we've helped other people facing payment problems. Names have been changed to protect the identity of the people involved, but the examples here are from real customers.

Loss of income caused by move into part-time work

Cause of financial difficulty
Mr Brown went into part time work for 6 weeks causing a significant drop in his income during this time.

Action taken by homeowner
Mr Brown called to explain why he had missed one of his mortgage payments and that the drop in income was only going to be short term.

Action taken by us
We arranged for him to repay his missed payment over a 6 month period once his salary had returned to its normal level.

Outcome
Mr Brown cleared the arrears over the agreed period. As he stuck to the arrangement, he didn't get charged a monthly arrears fee.

He opted to continue making payments at the level that he got used to over the previous 6 months - the extra amount he pays each month now goes into an overpayment facility. This means he is building up a cushion, in case he experiences any further drops in income, or and needs to underpay for a short time, or if rates rise and his payment increases.

Loss of income caused by family split

Cause of financial difficulty
Mrs White and her three children were left alone in the family property after her husband left.

Action taken by homeowner
Mrs White contacted us and explained that her husband had left the family home, that she had three children and was worried that she would not be able to maintain the mortgage payments.

Action taken by us
After reviewing all of the options available to her, she was referred to her local authority and the Citizens Advice Bureau to be assessed for the Government Support Scheme.

Outcome
The local authority purchased the property under the scheme rules and Mrs White was able to apply for help paying the mortgage and able to remain in the property.

Loss of income caused by maternity leave

Cause of financial difficulty
Mrs Dean was on maternity leave and due to return to work in September, but she knew she would not be able to afford full mortgage payments.

Action taken by homeowner
Mrs Dean contacted us in March to let us know that she was returning to work in September but would not be able to pay her full mortgage payments until that point.

Action taken by us
After speaking to us we reviewed all her options and agreed to temporarily change her mortgage to Interest Only for six months which significantly reduced her payments.

Outcome
As it was a temporary situation and Mrs Dean had a definite return to work date she could cover the reduced payments. Her payments were then recalculated from September to take account of the six months on Interest Only and she was able to resume full repayments.