What to do when you are struggling to meet your mortgage repayments

We (Leeds Building Society) Can:

Arrange a home visit to discuss your current circumstances and obtain a Financial Analysis report
Change the way you pay e.g. from monthly to weekly
Change your method of payment e.g. direct debit, standing order, cheque/draft
Change your repayment type on a temporary or permanent basis
Extend the length of your mortgage term
Look to agreed affordable arrangements after considering your current financial circumstance
Capitalise your arrears once we have received a minimum of your monthly payment for six consecutive months

As a last resort and once all avenues have been exhausted we may look to commence possession proceedings. However, we will continue to try and agree a mutually acceptable solution.

You Should:

Contact us as soon as you are aware you may have a problem keeping up with your mortgage repayments
Respond quickly to communications and don’t ignore the problem
Pay what you can afford (as opposed to nothing) whilst negotiations are ongoing
Remember your mortgage repayments are your priority debt
Check entitlements to benefits and also if you have a Payment Protection policy in place to claim on
Seek independent debt/financial advice from an agency such as MABS or your local Social Welfare Office
Work out what you can afford to pay now & we can then re-calculate the figure once any claims for benefits have been accepted
Keep us informed if your situation changes at any time

Remember

Missing your mortgage repayments and entering into a payment arrangement may affect your credit file
If you hand the keys to your property back or we sell the property after re-possession you are still liable for the outstanding debt and will need to make arrangements to repay this
Additional charges incurred when your account falls into arrears such as letter charges and solicitors costs can be debited to your mortgage account increasing your overall debt
Not paying your mortgage will cost you more in the future

All named parties on the mortgage are responsible for the debt – irrelevant of who pays what and who lives there.

Below is a budget questionnaire which can be completed to help us to understand and assess your current financial position and consider possible repayment plans where appropriate.

Budget Questionnaire (PDF)

Complaints

If you feel we are not dealing with you fairly you can request a copy of our Internal Complaints procedure which will explain what you need to do.
You can also contact the Compliance Department direct:

Compliance Department
Leeds Building Society
105 Albion Street
Leeds
UK
LS1 5AS
Tel: 0044 1132257777
Fax: 0044 1132167289

Useful Contacts

Leeds Building Society Collections Department: 0044 113 2257973

Leeds Building Society Dublin Office: 00353 16788824

IBF ‘Dealing with Mortgage Difficulties’ - http://www.ibf.ie/pdfs/Mortgage_repayments_guide_Feb10.pdf

Money Advice Budgeting Service (MABS) Website: www.mabs.ie

Irish Revenue Website: www.revenue.ie

Social Welfare – www.welfare.ie

Financial Regulator – www.itsyourmoney.ie

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Leeds Building Society. Registered in the United Kingdom. Registration number 164992. Registered Office 105 Albion Street, Leeds LS1 5AS England. Leeds Building Society is regulated by the Financial Services Authority in the United Kingdom. Loans are available, subject to status, to Irish residents aged 18 years or over. Security is required and conditions and restrictions apply.

Leeds Building Society is a member of the UK Building Societies’ Association. The Society is a participant in the Financial Services Compensation Scheme established under the Financial Services & Markets Act 2000. Payments under this scheme are limited to a maximum of £50,000 of an investor’s total shares and/or deposits in a society. Most investors are covered, including individuals and small firms. Euro deposits are covered. Further details are available on request from the Society. Leeds Building Society only offer savings products in Ireland that can be operated by post. Leeds Building Society is authorised and regulated by the Financial Services Authority in the United Kingdom and our registration number is 164992.The Society is covered by the Financial Services Ombudsman. We may monitor and/or record your telephone conversations with the Society to ensure consistent service levels (including staff training). Other taxes or costs may exist that are not paid by Leeds Building Society. Head Office: Leeds Building Society, 105 Albion Street, Leeds, England LS1 5AS.

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