We understand that you might be anxious about the cost of living crisis and how to keep up with your mortgage payments as well as paying your other bills.

In general, if you can find a way to continue your current mortgage payments then you should do so.

However, if you’re still having difficulties paying your mortgage we will work with you to find the most suitable option based on your individual circumstances.

The options we have available are:

• Temporary Reduced Payment Arrangement
This may be suitable if you are unable to afford your full monthly payment, but you are able to make a monthly contribution for a short period.  A reduced payment arrangement will be reported to credit agencies.

• Temporary Switch to Interest Only
This may be suitable if you are unable to afford your full monthly payment, but you are able to pay the interest portion for a short period.  A temporary switch to interest only arrangement will be reported to credit agencies.

• Payment Holiday/Deferral
This may be suitable if you have made a monthly payment within the last 3 months, and you are unable to make payments towards your mortgage for up to 4 months. At the end of the period, you can pay the missed payments in one go, increase the monthly payments for the remainder of the loan, or extend the term of the loan. A payment deferral will not be reported to credit agencies.

• Temporary Nil Payments
This may be suitable if you have not made a monthly payment within the last 3 months, or you have already utilised the maximum period permitted for a payment deferral. A nil payment arrangement will be reported to credit agencies.

• Term Extension
This may be suitable if your financial position has significantly changed since the mortgage was taken out and you are no longer able to afford your monthly payment now or in the foreseeable future. The term can be extended which means your balance is spread out over a longer term, reducing your monthly payment. A term extension will not be reported to credit agencies.

• Switch to Capital and Repayment
This may be suitable if you have an interest only mortgage and you are no longer able to maintain your exit strategy. A switch to capital and repayment is not reported to credit agencies.

• Grace Period for Property Sale
This may be suitable if you are selling your property and you are unable to make your monthly payments whilst your property is being sold. A grace period for property sale agreement will be reported to credit agencies.

If you already have arrears on your mortgage account, in addition to the above we also have the following options available:

• Arrangement to Pay
This option may be used to agree a set amount to clear your arrears over a period of time. An arrangement to pay is reported to credit agencies.

• Arrangement to Pay Contractual Monthly Payment Only
This option may be used to allow you to continue to pay your monthly payments, but not make a contribution towards clearing your arrears, for a temporary period. An arrangement to pay your contractual monthly payment only, will be reported to credit agencies.

• Capitalisation of Arrears
This may be suitable if you have a payment shortfall or arrears on your account and you have been able to pay your monthly payments for 6 consecutive months. The shortfall/arrears balance will be added to your mortgage balance and spread across your remaining term, increasing your monthly payment. You will no longer be reported as having a payment shortfall/arrears to credit agencies.

To discuss which of these options may be suitable for you, call us on 0330 0535715 or email us [email protected] and we’ll be happy to help.

Please note we will require further information from you before we can assess which of the above options will be suitable for you, once we have spoken to you to understand more about your circumstances, you will be asked to complete and return an income and expenditure form and we may request further documentation such as bank statements and payslips.

A chat about these options won’t affect your credit score, so the sooner you get in touch with us, the sooner we can help.

Lines are open 8:30am to 5:30pm Monday to Friday (excluding Bank Holidays).

UTB, along with other banks, has agreed to the commitments of the Mortgage Charter released by the UK government. The charter sets out how banks can give customers additional flexibility with their mortgages. The Charter only applies to first charge mortgages but if you are struggling with a second charge mortgage you can still contact us and we’ll be happy to help.

The Mortgage Charter says that customers who are currently up to date with their payments can:

Contact their bank to discuss options for support if they are struggling.

Choose to pay only the interest payable on their mortgage for a 6-month period.
If you have a capital repayment mortgage and are unable to meet your monthly payments in the short term, you may be able to change your monthly payment to just pay the interest for 6 months. If you choose this option, you’ll start a 6-month period of temporary interest-only payments. This means that your monthly payments will only cover interest – not the mortgage capital (the amount you borrowed) itself. When the temporary interest-only period ends and you go back to paying your mortgage in the usual way, your payment will cover both the interest and the capital again, and the payments will be higher at this time to ensure your mortgage is fully repaid within the term. Overall, using a temporary interest-only period means that the total amount you’ll need to repay will be higher. But it can be useful because the monthly payments during the 6 months are lower.

Extend their mortgage term, with the option to reverse it within 6 months.
You may be able to extend the term of your mortgage. This could help reduce your monthly payments. You will then have the option of reversing this term extension. We can do this without affordability checks provided your term doesn’t extend into your retirement. Extending the term of your mortgage means that you’re agreeing to pay your mortgage over a longer period of time. If you only need to do this temporarily, you will have the option to reverse this change so that your mortgage goes back to its original term within 6 months. If you do not elect to any future request to reduce the term would require an affordability assessment. By extending your term you will lower your monthly payment, but you will increase the total amount you pay back over the term of the mortgage. You can minimise the impact to the total amount you pay by choosing to reverse your term within 6 months. However your monthly payments will increase when you reduce your term.

If you are already behind with your payments the Charter does not apply but you should still contact us as soon as possible as there are still options available.

UTB offers the option of switching your mortgage rate up to 3 months ahead of your rate expiring.

It’s important to make sure that any changes you make to your mortgage are right for you. If you have any questions, call us on 0330 0535715 or email us at [email protected] we’ll be happy to help. A chat about your options won’t affect your credit score, so the sooner you get in touch with us, the sooner we can help.

Lines are open 8:30am to 5:30pm Monday to Friday.

Other organisations can offer free and impartial financial help and support. This may help if you are struggling with payments to multiple lenders.

Take a good look through the following sites, you may wish to discuss your personal situation with them ahead of calling us:

https://www.payplan.com/contact-payplan/
https://www.moneyhelper.org.uk
https://www.citizensadvice.org.uk/
https://www.shelter.org.uk/
https://www.stepchange.org/

If your current United Trust Bank mortgage is coming to the end of its fixed rate period then you will have the option to switch to a new product.

• We will write to you 90 days prior to the end of your fixed rate period to notify you of the products that are currently available for you.

•Enclosed will be a form for you to read, sign and return if there is a product that suits your needs.

• Upon receipt of your product switch form our team will process the change in readiness for the end of your fixed rate.

IMPORTANT – Please note that United Trust Bank cannot provide any advice on the suitability of the product you choose. If you are unsure what product is best for you, you will need to speak to an independent credit intermediary. This can be the one you used originally to take your mortgage out, or another Financial Conduct Authority regulated adviser.

If you decide that you do not wish to transfer then your fixed rate period will end and move onto our standard variable rate. Please see section 4 of your mortgage offer for further details.

If after your initial rate expires you decide that you do want to transfer onto a fixed rate you can contact us to find out our current product transfer rates.Yes

Lastly, If you have not received your letter and your fixed rate is due to end then please feel free to , call us on 0330 0535715 or email us at [email protected]

Ways to Pay

Direct Debit
Let us do the work. We will collect your monthly instalments directly through your bank. Whenever there is a change to the amount or date of collection we will write to you in advance.

Self Service Payment Line
Payments can be made 24 hours a day without the need to speak with one of our team.

Tel: 0330 0535715 (option 1)

Standing Order
You can set up a Standing Order with your bank so payments are made automatically each month. If however there is a change in your instalment, unlike a Direct Debit, you will need to make the change with your bank. Please quote your account number as the reference.

Account Number: 14487868
Sort Code: 30:80:12

Bank Transfer
You can visit your bank or make payment 24 hours a day through online banking. Please quote your account number as the reference.

Account Number: 14487868
Sort Code: 30:80:12

Cheque
If you prefer to make payments by cheque, you can post this to the address at the top of our letter. Please allow 5 working days to clear with your bank. Please note that there is a £15.00 fee for payment by cheque.

Mortgages Information Sheets

Download 1st Charge Mortgages Info Sheet >

Download 2nd Charge Mortgages Info Sheet >