We’re here to help and put you in control

We know with the recent increases in interest rates it can be a worrying time. But we’re here to help.

And, following new guidance from the government, we've introduced even more ways to support you and put you in control.

For changes you can make now, see our things you can do to manage your monthly payments section.

Introducing the Mortgage Charter

On 26 June 2023, the government published the Mortgage Charter.

The charter is a set of commitments agreed between the government, UK lenders and regulators to give more options and support to people struggling with their mortgage payments.

What the Mortgage Charter means for you

We’re pleased to have signed up to the charter. It means that, right now, if you’re up to date with your payments you can:

  • Switch to a new mortgage deal with us without an affordability check
    But if you move to another lender they will still need to do their own affordability check.

  • Secure a new rate up to 4 months before your current one ends
    That new rate will be locked in. No matter what happens.

    And if you find a better deal? You can cancel the one you applied for and switch to that one instead. Just tell us on or before the 20th of the month before your new rate is due to start. More about how to cancel a switch.

  • Extend your mortgage term to lower your payments
    You can increase the length of your mortgage so you pay less each month. You'll pay more in interest overall, but this could give you some breathing space. More about extending your term.

  • Temporarily change to interest only payments
    Only pay the interest on your mortgage for 6 months. If your rate changes during that time your payments will stay the same. More about interest only payments.

And as one of our mortgage members you can:

  • Ask us for help without affecting your credit rating
    Speaking to us will not affect your credit rating or appear on your credit file.

    If you're struggling - or think you might be soon - please do speak to us as soon as you can. Our specialist advisers are here to help, and can offer a range of options to help you find a way through.

  • Stay in your home for at least 12 months even if you’re unable to pay your mortgage
    We won’t force anyone to leave their home for at least a year after their first missed payment. There are very few exceptional circumstances where we may still have to repossess someone’s home.

Find out your options with our 10-point Mortgage Health Check

Your best choice will depend on your circumstances and what type of mortgage you have with us. Our 10-point Mortgage Health Check will help you work out what you could do next.

Things you can do to manage your monthly payments

It's usually best to continue meeting your payments if you can. But there are some things you can do now to help keep your mortgage affordable if you’re struggling.

Switch your mortgage deal

If you can still make your mortgage payments, switching your deal – if possible – may help to reduce your monthly payments.

Make an underpayment

If you have an overpayment reserve on your mortgage, you can choose to make an underpayment. 

If you’re making overpayments on your mortgage, you can stop doing so. Or you can change the amount you overpay. 

Take a mortgage payment holiday

A mortgage payment holiday gives you some flexibility in repaying your mortgage. It can allow you to stop or reduce your monthly payments for between one and 12 months.

Mortgage payment holidays are only available on some of our mortgages. To see if you have the payment holiday feature on your mortgage, please check your latest mortgage offer.

Extend your mortgage term

Extending your mortgage term is one way to help reduce your monthly payments.

A term change will increase the amount of interest you have to repay overall.

You can change back to your original term within 6 months without an affordability check or affecting your credit file.

Temporarily change to interest only payments

Only pay the interest on your mortgage for 6 months.

We'll work out the amount you need to pay based on your interest rate and balance. Your payments will then be fixed at that amount for 6 months.

Your mortgage balance won't go down while you're only paying the interest. That means after the 6 months your monthly payments will be higher than they are now, because you'll be paying off the mortgage over a shorter term.

Changes to interest only payments start from the 1st of each month. Apply as early as you can in the month to give us enough time to set up your new payments if you want them to start from the following month.

This won't appear on your credit file. But some lenders might look at your payment history when making lending decisions.

You can only apply for a temporary change to interest only payments once.

If you can’t make your mortgage payments

If you're unable to make your monthly payments or if you've already missed one or more payments, don’t panic. We’re here to help.

We understand that it can feel easier to avoid a conversation with us and hope the situation improves. But the sooner you get in touch, the quicker we can help you.