Payment Problems FAQs
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Payment problems
Payment problems
Can I delay my monthly payment to UCB Home Loans?
We can delay a Direct Debit payment within the same month so long as we have five working days' notice. The latest payment date is the 28th day of any month. If we delay payment, we charge an administration fee of £10. Alternatively, we can permanently change your payment due date for free.
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Does UCB Home Loans charge Interest on arrears?
If your mortgage account falls into arrears, we will charge interest on the arrears. There may also be additional fees and your credit rating could be affected.
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What can I do if I experience problems paying my mortgage?
The first thing to do is get in touch with us straightaway. The sooner you let us know about any payment problems you may have, the sooner we can try to reach an agreement about payments that will suit us both.
You may find it helpful to seek advice from another organisation such as your local Citizens Advice Bureau or an Independent Financial Adviser. You can also refer to the Financial Services Authority (FSA) information leaflet "What to do when you can't meet your mortgage payments", if your account is regulated by the FSA.
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What happens when I get in touch with you?
We always take a sympathetic approach to discussing your personal financial circumstances. We'll work out with you how much you can afford to pay, and talk you through your options. Remember, we don't want you to lose your home any more than you do.
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What's the best way to make payments?
Once we've come to an agreement, it's important that the payments you make reach us on time. Normally, the best way to do this is by Direct Debit payments that are made automatically from your bank account. We'll help you set this up.
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If I can't afford my payments at all, can I sell the property?
Yes. If you really can't see any way of making your regular mortgage payments for the foreseeable future, this may be the best route for you. But you must keep up your payments – or as much as you can afford – until the property is sold. We'll also need to see a copy of your estate agent's sale details, including the selling price, and you need to keep us informed of any offers to buy your property. Also, if you're likely to get less from the sale than the total amount you owe us, we'll need to give permission before the sale can be agreed.
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What happens if UCB Home Loans begins possession action?
Starting possession action is the last thing we want to do. However, if we cannot reach a mutually acceptable payment agreement or if you do not adhere to an agreed payment plan, we would have to consider this option. More details on the possession process are available on request.
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Can I just hand in my keys?
This isn't usually a good idea because you'll still be liable for your monthly mortgage payments and the total amount of money still owed. And you'll be liable for costs – such as legal costs, estate agent's fees, valuation costs and so on until the property is sold. Rather than just walking away from a problem that's likely to get worse, it's always better to talk to us so that we can find the best solution for everyone involved.
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Will I be rehoused?
Your local council has no obligation to rehouse you – and if they are prepared to offer you a home, you may not have any choice about what it's like or where it is. To get further information on the situation in your area, contact the housing department of your local council, your local Citizen's Advice Bureau or a housing advice centre. If you live in Northern Ireland, you should contact the Housing Rights Service or the Northern Ireland Housing Executive who may be able to help you.
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Are there any charges?
Click here for details of our administration charges.
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What's next?
Before you make any decisions about what to do if you're experiencing financial problems, get in touch with us to see how we can help. The last thing any of us wants is for you to lose your home, and often a phone call is all it takes to find a solution that suits both you and us. You can reach us on 0800 328 3021. To help maintain our premium service standards, calls may be monitored and recorded.
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