Customer case studies

We understand mortgages are a long term commitment and it's normal for our customers to have concerns about keeping up with their payments from time to time. We want to help you get through any financial difficulties you may have and the first step is telling us - so please get in touch! as there really is lots we can do to help. To prove it, we've shared with you some real life case studies that illustrate some of the ways we might be able to support you.

Cause of financial difficulty: Mr X went on short time for 6 weeks causing a significant drop in his income during this time.

Action taken by homeowner

Mr X 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 Mr X to repay his missed payment over a 6 month period once his salary had resumed to its normal level.

Outcome

Mr X cleared the arrears over the agreed period and as he stuck to the arrangement he didn't get charged the £30 monthly arrears fee. Mr X 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 gets paid into a Choices overpayment facility and means Mr X is building up a cushion in case he experiences any further drops in income and needs to underpay for a short time.

Cause of financial difficulty: Mrs Y and three children were left alone in the family property.

Action taken by homeowner

Mrs Y contacted us and explained that her husband had left the family home and 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 Mrs Y, she was referred to her local authority and the Citizens Advice Bureau to be assessed for the Mortgage Rescue Scheme.

Outcome

The local authority purchased the property under the scheme rules and Mrs Y was able to remain in her own home and pay rent to her local authority.

Cause of financial difficulty: Mrs Z was on maternity leave 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 Z 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 then.

Action taken by us

After speaking to us we reviewed all Mrs Z's options and agreed to change her mortgage to interest only for six months which significantly reduced her payments.

Outcome

As it was a temporary situation and Mrs 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.