Difficulty paying your mortgage

We can help

If you’re worried about making your mortgage payments now or in the future, there are ways we can help.

One of our Customer Support Consultants can work with you to help find a solution. We understand it can be daunting, but the sooner you get in touch with us, the better.

Important: talking to us about mortgage payment support does not impact your credit file

Getting the right support

Whatever the reason for your financial difficulty, we’re here to help.

The support we may be able to offer is based on your circumstances. Completing a mortgage budget planner will help us provide you with the best support options for you to choose from.

  • Whether you're a Principality mortgage holder or a Nemo customer, you should complete a mortgage budget planner before getting in touch with us, so that we can provide you with the best support options based on your circumstances.
  • You can complete our mortgage budget planner, or supply us with one you may have completed with another organisation.
  • The completed mortgage budget planner can be sent to our email address below, posted to us, or you can call us to provide the figures over the telephone.

If your mortgage is with Principality:

If you're a Nemo customer:

Ways we can help

We recognise that everyone's circumstances are different, so not all the support options may suitable for you. We'll always let you know what impact each option would have to you, including what your payments could change to after the support ends.

Examples of ways we can support Principality and Nemo customers could include:

  • Deferring your payments: stopping your payments for a short period of time.
    • Your mortgage balance won't decrease and interest continues to be charged. When the payment deferral ends, your monthly payment will increase to make sure you still finish your mortgage on time.
  • Temporary interest only: we may be able to temporarily change your mortgage to an interest only mortgage.
    • This will lower your monthly payments but your mortgage balance won't decrease during that time. When the temporary interest only period ends and your account is changed back to repayment, your new payments will be higher than they previously were.
  • Temporary interest waiver: we may be able to agree to waive the monthly interest you’re being charged each month for a short period of time.
    • If it’s affordable, you would pay a smaller amount of your monthly payment, which would reduce your mortgage balance by the amount you pay.
  • Temporary term extension: extending the time you have to repay your mortgage temporarily could reduce your payments for the agreed period of time.
    • This will allow you to continue to pay both the interest and capital of your mortgage, but with lower monthly payments. When this ends, your monthly payment could increase, as you'll have less time to pay it back.
  • An arrangement to repay any missed payments: if you have missed payments and are now able to afford to repay these, we could come to an arrangement.
    • You would pay your normal monthly payment, plus an additional amount towards the missed payments every month.

Changing your Principality mortgage products:

If you're a Principality mortgage holder and you have missed payments, you can still change your Principality mortgage product to lower your interest rate. However, you won't be able to do this online.

Instead, if your product has come to an end or is ending, you will need to contact our Mortgage Team on 0330 333 4030. Our opening hours are 9am to 5pm, Monday to Friday.

Please note: you will need to meet our criteria for some of the solutions we have available. While we can offer solutions, we cannot provide you with independent advice on your mortgage and your finances.

Help from other organisations

Our Customer Support Consultants can provide you with support, but they're not financial advisors. There are a number of organisations you can seek free and independent advice from, such as:

  • StepChange - Offers a structured programme of advice on how to manage your money.
  • Money Helper - Free and impartial help with money, backed by the government.
  • Citizens Advice - Look on the Citizens Advice website for the telephone number of your local bureau.

If you think we haven't treated you fairly

If you think we haven't treated you fairly, and you’d like to make a complaint, you can do so in any of these ways:

If you're not satisfied with how we handle your complaint, you can contact the Financial Ombudsman which provides a free and independent service for consumers:

The Financial Ombudsman Service,
Exchange Tower,
E14 9SR

Phone: 0300 123 9 123

Email: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

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