Mortgage Support

At Hanley Economic we understand that a change in circumstances can put additional strain on your finances and can be difficult to manage on your own.

If you are worried about paying your monthly mortgage payments, we are here to help. We have a friendly, dedicated team available to support you. Don’t worry, discussing your circumstances with us will not affect your credit score.

Don’t wait until you have missed a payment. The sooner you get in touch, the more options we could have to help you.

The best way to get in touch is to call 01782 255000 Option 5, or to email mortgageservices@thehanley.co.uk and we will arrange to call you back at a time convenient for you. The team are available Monday to Friday between 8am and 5pm

How we can help.

Step 1 – Complete a budget planner.

It’s a good idea to work out a monthly budget and your priority debts. This gives you and us a clear picture of where your money comes from and where it goes. You can save time by completing it yourself before calling us or we can complete this with you when you call.

Step 2 – Get in touch. Contact our friendly mortgage services team to discuss your situation and what you can afford.

Step 3 – How we’ll help;

• We’ll talk through your situation to find out why you’re having difficulties to understand the duration and impact.
• Review your budget planner to look at your income, expenditure and debts.
• Explore practical solutions that you can afford.
• We will tell you what this means for your credit file.
• We will always discuss your options, their impact, and give you time to consider before agreeing a way forward.

What are my options?

Depending on your individual circumstances and what you can afford to pay, we will suggest options that are affordable and tailored to your needs. Below are some options that we may consider.

Short Term Options

1. Reduced Payment – an arrangement to pay less than your contractual monthly payment.

This will show as arrears on your credit file and we will continue to charge you interest on your mortgage while your payments are reduced. At the end of the agreed period, we will set-up an arrangement for you to repay the missed payments.

2. Interest Only Payments - an arrangement where only the interest part of your mortgage is paid each month.

This will reduce your payments, but it is important to remember that you won’t be paying back any of the original loan amount you borrowed so you will need to repay this in the future. This means your future payments will increase.

3. Pausing Payments - a break from mortgage payments for a short period of time.

This will show as arrears on your credit file and we will continue to charge you interest on your mortgage while your payments are paused. At the end of the agreed period, you will be required to make your contractual monthly payment plus an extra amount towards the arrears, until the shortfall on your account has been cleared.

Longer Term Options

1. A change to the direct debit collection date.

It may help you to pay on a different day of the month. We can collect payments on any date from 1st – 28th of the month.

2. A switch to a new mortgage deal.

By changing your mortgage product, you could reduce your payments. Remember, your mortgage might have Early Repayment Charges that apply. We can help you see if changing your deal will help.

3. Term Extension - an arrangement where the term of your mortgage is extended to reduce the contractual monthly payment.

By extending the term of your mortgage, you will be paying back more interest than you would have done originally.

4. Capitalisation - the arrears are removed from your account and added to the capital balance.

This is a permanent, contractual change to your monthly payments. They will be higher due to an increase in the capital balance.

5. Selling Your Property.

As a last resort, if you are unable to afford your mortgage, we can support you while you sell your property.

How will this impact my credit file?

Calling us to discuss your situation will not impact your credit file. Your credit file will only be impacted if you miss a full monthly mortgage payment, or if you enter into a formal payment arrangement with us. Missed payments and payment arrangements will be reported to the Credit Reference Agencies. A payment default will remain on record with the Credit Reference Agency for six years. This will affect your credit rating and ability to borrow money in the future.

Who else can help?

If you would like further support for money and debt advice or specialist support for situations that are impacting your finances, there are free, confidential and independent organisations that can help and support you.

Debt Management

Pay Plan 0800 280 2816 www.payplan.com

National Debtline 0808 808 4000 www.nationaldebtline.co.uk

Step Change 0800 138 1111 www.stepchange.org

Money Helper 0800 138 7777 www.moneyhelper.org.uk

Citizens Advice 0344 411 1444 www.citizensadvice.org.uk

Turn2Us 0808 802 2000 www.turn2us.org.uk

Mental Health

Rethink Mental Illness (England) 0121 522 7007 www.rethink.org

MIND 0300 123 3393 www.mind.org.uk

Hafal (Wales) 01792 616 600 www.hafal.org

Support in Mind (Scotland) 01776 706 348 www.supportinmindscotland.org.uk

Addiction

Alcoholics Anonymous 0800 9177 650 www.alcoholics-anonymous.org.uk

Frank (drugs) 0300 123 6600 www.talktofrank.com

Gamblers Anonymous 0330 094 0322 www.gamblersanonymous.org.uk

Suicide

Samaritans 116 123 www.samaritans.org

CALM 0800 585858 www.thecalmzone.net

Disability

Mencap (learning) 0808 808 1111 www.mencap.org.uk

Disability Rights UK 0207 250 8181 www.disabilityrightsuk.org

Abuse

Refuge Against Domestic Violence 0808 2000 247 www.refuge.org.uk

Other Useful Information

• England Illegal Money lending Team – Stop Loan Sharks – Useful information regarding concerns about illegal money lenders