Contacting mortgage providers

FINANCIAL WELLBEING

Fear of calling your mortgage provider

We understand that speaking with your mortgage provider can feel scary. It’s normal to feel that way. But if you take just one thing away from this article, make it this: they’re there to help.

There are lots of reasons why calling your mortgage provider might be making you feel anxious. Fear of the unknown, fear of judgement, fear of something bad happening. But if you’re struggling with money, making early contact with them will help stop problems escalating. In this article, we want to debunk a few myths and explain why it’s nothing to be afraid of.

Why are people scared to call their mortgage provider?

Does the idea of picking up the phone and telling your mortgage provider about your money troubles get your heart racing? You’re not alone. These are some of the things that might be going through your head:

What if they judge me?

Maybe you’re feeling embarrassed about money worries, or scared that you’ll be judged for being in financial difficulty. Either way, it can be just as hard to speak up about this with your mortgage provider as it is with your friends.

What if there are negative consequences?

There’s no impact on your credit file from simply speaking with your lender. But any kind of uncertainty can feel stressful. When you’re not sure what the outcome of your conversation will be, it could hold you back from making the call in the first place.

I feel out of my depth:

The world of mortgages is complex. A lack of understanding about the process can make you want to put off engaging with it by calling your provider.

What if I’m forced to make a quick decision?

Nobody likes the feeling of being put on the spot. The fear of being pressured into making important decisions quickly and making a mistake can be off-putting.

I can’t face asking for help:

Dealing with financial problems head on is scary. Many people respond by pretending it isn’t happening. Reaching out for help is difficult and involves facing the fact that there are issues that need addressing.

If you’ve had any of these thoughts, you’re not the only one. These are all very common fears. But rest assured that your mortgage provider isn’t there to judge or punish you, or to make your financial problems worse. They’re there to provide help and support. They can offer constructive ways to help you work through your money worries more confidently, such as temporarily reducing your payments.

Did you know? This help is enshrined in the Mortgage Charter. This standardises measures to support struggling mortgage holders, and the majority of lenders have signed up to.

When to contact your mortgage provider, and what happens when you do

Are you struggling financially and worried about whether you’ll be able to make an upcoming mortgage repayment? Then reach out to your provider as soon as possible.

Lenders have a range of support to help you. Getting a solution in place sooner rather than later should help prevent money problems from spiralling out of your control.

There are lots of ways you can make contact. Choose the method that will make you feel least anxious, whether that’s a phone call, email, text, WhatsApp message, live chat or website contact form. If you choose to phone, you’ll usually have to select an option from an initial menu. You’ll then answer some security questions so that they know it’s really you calling. Try not to worry – you’ll find a sympathetic ear.

To set your mind at rest before you make the call, you’ll find some answers to questions we’re often asked about money worries here.