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.
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.
This will depend on your individual circumstances but we may be able to offer you one of the following options:
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.
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.
The Building Societies Association (BSA) and National Debtline have produced a leaflet designed to help and support those who are concerned about making their monthly mortgage repayments.