YOUR MORTGAGE OPTIONS
Our preferred method of addressing payment difficulties is to work with you to assess your financial situation and affordability and agree an formal payment arrangement with you that will clear the arrears over a suitable timeframe.
 
If you are unable to maintain an arrangement that has been agreed, it is very important that you get in touch with us. There may well be other Workout Strategies that we can explore to manage your situation without having to resort to repossession.
These could include:

  • Extending the term of your loan
  • Changing the type of your loan (for instance by switching from repayment to interest only for a short time to reduce the monthly payments)
  • Altering the date on which you make your monthly payments
  • Arranging an alternative payment method
  • Temporarily changing the rate of your mortgage
  • Capitalising your arrears
  • Finding a way for you to sell your home even if it doesn’t cover the total mortgage amount


Please note, we will assess every case on its merits and the measures above may not be suitable for all customers. Engage Credit's decision on the eligibility of customers for each Workout Strategy is final and we are not obliged to offer any of these options to you. If we decide not to offer you one or more Workout Strategies we will provide you with a full explanation for this decision.

If we do offer you a Workout Strategy, we will very likely need some information from you to support our decision making. We may well ask you to complete a Financial Assessment Form and/or send us proof of your income and expenditure to help us to understand your circumstances in detail and to identify the best strategy to address your payment difficulties. If we do so, please take time to complete this carefully as we can only assess the most appropriate way to help you if we understand your circumstances clearly.

PLEASE NOTE THAT YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE