If you are having trouble making your mortgage repayments on time, we’re here to help you. If you are worried about missing repayments, get in touch on 01664 414141 and let us know why you are having difficulties.

Don’t ignore the problem

If you are in financial difficulty, it’s best to tackle the problem as soon as possible. Failing to make your mortgage repayments and repayments to other creditors can affect your ability to obtain further borrowing or credit in the future. It can even put your home (or other mortgaged property) at risk.

What you need to do…

It’s a good idea to work out your monthly budget. You may find it helpful to complete an income and expenditure budget form. Click here to download a Simple Budget Form to give you a basic idea of where your money is going.

Talk to us…

We understand that circumstances change and problems can occur from time to time. We’ll discuss your options and help you reach a solution to suit your circumstances. We may need a more detailed Personal Budget Sheet to help do this. Click here to download a copy.

If you need help completing it, please contact us on 01664 414141, Monday to Friday 9am to 6pm and Saturdays from 9am to 12pm.

Prioritise your debts…

If you have multiple debts, it can be difficult to know which to pay off first – especially if you are receiving letters or calls that can make things seem even more urgent. Some debts are more important than others because the consequence of not paying them can be more serious.

Priority debts include:

• your mortgage
• gas and electricity
• council tax
• court fines
• TV licence.

If you need help reviewing and prioritising your debts, you should seek independent advice.

Independent advice

If you find yourself in financial difficulty or you have multiple debts, try contacting a not-for-profit debt-counselling organisation. They offer free, confidential support and may be able to help you prioritise your debts or negotiate with creditors.

• MoneyHelper
• StepChange Debt Charity
• National Debtline
• Business Debtline (for small businesses)
• Citizens Advice

Melton and District Money Advice Centre provides a free, confidential and impartial advice service for the people of Melton Mowbray and District about money and debts.  For further information please visit http://meltonanddistrictmoneyadvicecentre.co.uk

The Money Navigator Tool, available on the MoneyHelper website, is designed to help people who have had their finances hit by Covid-19. This includes people dealing with complex financial situations who may find it difficult to know where to start, such as those facing redundancy or job loss, the self-employed whose work has dried up, and people who have had a temporary income drop who need help to get back on track. The tool will also help people who are looking for support in a specific area, as well as those who may be in a better financial position due to Covid-19 and want to know what to do with any savings they have built up. Please visit www.moneyhelper.org.uk to access the tool.

Interest-only mortgages

If you have an interest-only mortgage and are unsure whether you have the right plans in place to repay the capital balance at the end of your mortgage term, please speak to us. We can help you review your repayment plans and, if necessary, explain your options. If your circumstances have changed since you took out your mortgage, we can offer a review with a mortgage advisor who can provide advice about your long-term mortgage arrangements and repayment plans. You may get help from a Financial Conduct Authority leaflet called ‘Interest-only mortgages: act now and talk to your lender’. You can also find useful information here: moneyhelper.org.uk