What we will try to do
It is important to know
- Arrange a new payment plan to help you through this difficult period
- Change the way you make your payments, or the date you pay them on
- Give you the option to pay back your mortgage over a longer period of time (reducing your monthly payments)
- Agree that you can make reduced payments for a short period of time
If we cannot offer any of the above options, we will tell you why. We will do all we can to make a new arrangement with you, explain it properly and give you time to think it through. If we cannot come to an agreement, you may be able to live in your home until you sell it, depending on the circumstances.
What you can do
Let us know right away if you think you are going to have problems or are already struggling to keep up with payments. If we try to get in touch with you, make sure you get back to us quickly.
Talk to independent organisations that help people deal with debt. It is also important to talk to a debt counseller or lawyer before agreeing to any changes to your mortgage arrangements. Make sure anybody else who helps to pay the mortgage, or guarantees it, is completely up to date.
If we agree a payment plan with you, make sure you keep to it. Let us know straight away if anything changes which may affect the agreement.
Make sure you check if you are entitled to any benefits or tax credits which could boost your income.
If you have a mortgage-related insurance policy, check if it could help cover your payments.
Tell us if you, or anyone else named on the mortgage, moves to another address.
Fees and charges
If you fall behind with your mortgage payments we may charge you administrative and legal costs. We will tell you the amount you will have to pay. Contacting us quickly may avoid you incurring these costs
If we can’t come to a solution
If we don't hear from you we may ask an independent field agent to visit you at home. They will discuss your circumstances and try to agree a solution. The cost of this will be charged to your mortgage account.
We may have to go to court to start proceedings to repossess your property. If proceedings take place, it’s important that you attend the court hearing and seek independent debt advice. There may be someone available at the court to help you.
We believe that repossession is a last resort. Even if court proceedings begin, we’d still be very keen to work with you to find out a solution.
Before we have to repossess your home, we will give you information about getting in touch with your local authority to see if they can find you somewhere else to live.
If we have to repossess your property
We will give you reasonable time to take your possessions from your property.
We will sell your property for the best price we can reasonably get and as quickly as possible.
The money raised will be used to repay your mortgage and any other loans or charges which have been secured on the property. If there is any money left over, we will pay it to you.
A repossession may affect your ability to get credit in the future.
When selling doesn't cover your mortgage
If there is not enough money from the sale to repay your whole mortgage balance, you will still owe the amount outstanding (the shortfall debt). We will let you know how much this is as soon as possible.
If you bought your property with other borrowers, each of you is responsible for the entire mortgage. This is true even if you only pay part of the mortgage or did not live there.
We will get in touch within six years of selling (five in Scotland) to arrange for you to pay back the shortfall and will arrange a payment plan that takes into account your income and outgoings. You may be charged if we have to instruct a tracing agent or other third party to search for your current address.
If we are unable to arrange a plan, we may go to court to get the shortfall back. You could incur court costs if this happens.
If the shortfall is not paid, it may be difficult to get credit in the future.
Making a complaint
If you think you haven't been treated fairly, you can write to:
Payment Support Manager
Nottingham Building Society
3 Fulforth Street
Telephone: 0344 481 0030
If you are not happy with the resolution, you can take it to the Financial Ombudsman. They provide a free and independent service:
The Financial Ombudsman Service
Telephone: 0800 023 4567
Mobile: 0300 123 9123.
Some companies may offer you new loans, or even invite you to sell your property to them and then lease it back as a way of resolving your short-term financial difficulty. Please be careful as such actions may not be in your best long-term interests. We advise you to seek independent advice before entering into any arrangement of this type.
You may be thinking about handing your keys back to us. If you do this, you will still owe The Nottingham any outstanding debt, and we advise you to discuss this option first before taking such action.