Life happens and unforeseen events can sometimes impact our finances when we least expect it. These life events can lead to a host of worries and a lack of control but rest assured that you are not alone.

At Mansfield Building Society, we provide a personalised and empathetic approach to help you and your family through any tough times and support you in regaining and maintaining better control of your finances.

What should I do?

Firstly, don’t panic we’re here to help.

Below you’ll see a number of different options. They explain what we can do to support you, what you can do to help yourself, and how we can work together.

It’s easier and much less intimidating than you might think.

• Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly. You can call us on 01623 676340
• Fill out our Income and Expenditure Form. This will help you understand where you are with your finances and us to deal with your situation quickly. Please send the completed form, together with copies of bank statements and proof of income to collections@mansfieldbs.co.uk

What options are available to me?

This will depend on your individual circumstances but we may be able to offer you one of the following options:

• Arrange a new payment plan with you, taking your and our interests into account
• Change the way you make your payments, or the date you make them
• Allow you to pay back your mortgage over a longer period of time (which would reduce your monthly payments)
• Change the type of mortgage

If we can make one of these arrangements with you, we’ll explain how it would work and give you time to consider it.

If we cannot offer you any of these options, then we’ll be sure to tell you why.

If it is unlikely that you will be able to afford your mortgage payments in the long term then we might agree to you remaining in your home and selling the property yourself, depending upon your circumstances. It is important to know that any formal action by us (e.g. repossession) is always as a last resort and we will work with you to help you stay in your home.

What happens if I’m already in mortgage arrears?

You’ve already taken the first step to dealing with this by simply reading this page and rest assured that we will make every effort to support you if you are already in financial difficulty.

As such, we will review any changes to your circumstances to ensure that your payments remain sustainable. It’s also important to point out that, wherever possible, you should make a contribution to your mortgage payment, even if you are already in arrears. The benefits of this are that you will pay less interest over the term of the mortgage and there will be a reduced impact on your credit score.

Are there any other things I should do?

• Seek debt advice if you would like help with managing your finances
• Check whether you can get any state benefits or tax credits which could help to increase your income
• If you have an insurance policy, check whether it would help with your payments
• Tell us if you move to a new address
• Make sure you keep any other people paying the mortgage, and anyone guaranteeing the mortgage, up to date with what is happening

Other useful resources available online