Talk to our team if you are having difficulties, we can work with you to find the right solution. Our links below have useful information, however, we encourage you to talk to our support team directly. Use the form to the side of this page or the contact details on this page.
We are here to help you through any financial difficulties so if you’re struggling to keep up with your payments, or have already fallen behind please contact us. The sooner we can discuss your situation with you the quicker we can find a solution to fit your circumstances.
Please call the servicing team on 0208 7362241 or email servicing@westoneloans.co.uk.
If you have a mortgage with us and you live in the property, these are the options, we may be able to offer you based on your needs and circumstances.
So that we can identify the most appropriate option for you, it is a good idea to know your financial commitments before speaking with us.
If you have missed payments to your mortgage but are now able to pay something towards these, we may agree to an arrangement to make an additional payment towards them each month them over a reasonable period.
You will still need to pay your monthly payment. Your Credit File will have an arrangement flag showing that while you do have missed payments, you are in a plan to clear these.
We will not change a monthly arrears fee whilst you maintain the arrangement.
Only pay the interest on your mortgage for a maximum of 6 months. We'll work out the amount you need to pay based on your interest rate and balance. Your payments will then be fixed at that amount for the agreed period.
Your mortgage balance won't go down while you're only paying interest. That means after the agreed period your monthly payments will be higher than they are now, because you'll be paying off the mortgage over a shorter term.
When your interest only period has finished, we will work out the amount you need to pay based on your interest rate and balance. This will be based on your financial position at that time when it may be possible to enter into an alternative option to ensure you can maintain your monthly repayments.
This won't appear on your Credit File. However, some lenders might look at your payment history when making lending decisions.
This is a combination of the two options above. If you have missed payments to your mortgage but cannot pay more than your monthly payment, we may agree to charge your mortgage to Interest Only payment for a maximum of 6 months AND agree to an arrangement to pay towards the missed payments.
Your Credit File will have an arrangement flag showing that while you do have missed payments, you are in a plan to clear these. At then end of the period we will review the most suitable options available to you to help you maintain your mortgage repayments.
We will not charge a monthly arrears fee whilst your account is in an arrangement.
If you are not able to make any payments to your mortgage, we may agree to this for a short period depending on your future ability to make payments.
If we do agree this, your Credit File will show you have missed payments but are in an arrangement with us.
Interest will be charged on these missed payments and the balance of your loan will continue to increase. This means that the total amount payable over the life of the mortgage will increase. At the end of the period we will review all options available for you to help you maintain your mortgage payments.
We will not charge a monthly arrears fee whilst your account is in an arrangement.
If you can pay part of your monthly payment to your mortgage, we may agree to this for a short period depending on your future ability to make payments.
If we do agree on this, your Credit File will show you are in an arrangement with us, however it may show missed payments depending on how long the arrangement continues for.
Interest will be charged on these missed payments and the balance of your loan will continue to increase. This means that the total amount payable over the life of the mortgage will increase. At the end of the period we will review all options available for you to help you maintain your mortgage payments.
We will not charge a monthly arrears fee whilst your account is in an arrangement.
If your income has permanently reduced but you can still afford to pay an amount monthly to your mortgage, we may consider extending the term of your mortgage. This means you'll pay less each month, but over a longer period.
Because you'll be paying off your mortgage for longer, you'll pay more interest so end up paying more overall. At the end of the period we will review all options available for you to help you maintain your mortgage payments.
This won't appear on your Credit File.
The amount you owe in missed payments is added to your total mortgage. As a result, your monthly payments will increase. Repayment of the missed payments is therefore spread over the rest of your mortgage.
Your mortgage will no longer show that you have missed payments.
While it doesn't change any historic missed payments, your Credit File will now show as up to date, provided you maintain these new payments.
If you can't afford your mortgage in any other way, selling your home may be the best thing to do. An assisted voluntary sale means that we would manage a sale through to completion. You can remain in your home during this process. We would always recommend you seek advice before taking such action.
The costs associated with a property sale will be the same or slightly higher than if you were managing the process yourself.
Missed payments will still show on your Credit File and your loan will continue to increase whilst no payments are made.
You may be liable for any shortfall that arises from a sale.
If you can no longer afford your mortgage, you can chose to hand the keys to West One and ask that we sell the property on your behalf. We would manage any sale through to completion. This option is dependent on your circumstances, and we would always recommend you seek advice before taking such action.
It may reduce stress and uncertainty for you: it eliminates the unpredictability and distress associated with a forced eviction.
It may serve as a strategic option if you are overwhelmed by debt, providing a fresh start.
The costs associated with a property sale will be the same or slightly higher than if you were managing the process yourself.
Missed payments will still show on your Credit File and your loan will continue to increase whilst no payments are made.
Product Switching your Buy to Let Account
If your Fixed Rate is due to end within 60 days, we may agree to move your mortgage to an alternative product with a new Fixed Rate period.
This is dependent on the available products at that time. It may be there is not a suitable product for your account to move to. The Product Switch will be subject to an assessment, e.g. the valuation of the property, tenancy agreement. This would be subject to underwriting sign off.
If you have a Bridging Loan or a Buy to Let mortgage, please contact us to provide an update on your circumstances and to discuss what assistance we may be able to provide.
If you are experiencing financial difficulties, please talk to us and we will do our best to support you.
For more help and advice we also recommend the following not-for-profit organisations. These external organisations are designed to help individuals in financial difficulty.
StepChange are the UK's Leading debt charity. Contact them to get expert advice and free debt management to help tackle your debts.
Contact their free hotline on 0800 138 1111 (Monday to Friday 8am to 8pm and Saturday 9am to 2pm) or visit their website https://www.stepchange.org/
Money Helper offers free and impartial money advice. MoneyHelper brings together the support and services of three government-backed financial guidance providers: the Money Advice, the Pensions Advisory and Pension Wise.
Contact them via their live chat or here: https://www.moneyhelper.org.uk/en/contact-us or visit their website
Citizens AdviceCitizens Advice are a free service dedicated to helping people resolve legal, financial and personal problems they may face. The offer support online, over the phone or face to face and have a dedicated section on their website to tackle debt and financial issues - click here to find out more https://www.citizensadvice.org.uk/debt-and-money/
or contact their national helplines on
Adviceline (England): 0800 144 8848
Advicelink (Wales): 0800 702 2020