Full monthly repayments are due from the month following completion, on the date stated on the Binding Mortgage Offer. You may change this payment date to suit your finances so long as payments reach us by the last day of the month.
If you choose to make your monthly payment later than the 1st of the month you will pay more interest as it is calculated on a daily basis.
- Direct Debit - we offer three Direct Debit collection dates: 1st, 15th and 27th.
To make payments by direct debit you will need to complete a Direct Debit Form and send it to the below address. Please telephone 0800 783 0847 if you would like to request a form.
- Standing Order - to make payments by standing order, please contact your bank, ensuring that they quote the below Sort Code, Account Number and Roll/Reference Number.
- Online - via our bank, HSBC, quoting the below Sort code, Account Number and roll/Reference Number. This method enables you to pay at any time of the day. If your bank is in the 'Faster Payments' scheme, your payment will normally be credited to your mortgage account as at the day your bank accepted the transaction.
- Debit card - this method is intended to enable you to make quick one-off payments by telephone, 0800 783 0847.
- Internal transfer from a Leek United investment account - you will need to complete an Internal Transfer Authority Form and send it to the below address. Please telephone 0800 783 0847 if you would like to request a form.
- Cheque - you can either send the cheque to the address below or pay this in at any of our branches.
- Cash - for security reasons it is recommended that cash payments be made only at your local branch.
||Leek United Building Society
50 St. Edward Street, Leek, Staffordshire ST13 5DL
||Your own 11 digit Leek United mortgage account number.
|It is really important that all three sets of digits are quoted to your bank or building society. Without this information your payment will not be credited directly to your Leek United mortgage account.
If you are unable to pay the arrears in full immediately but can afford more than your monthly repayment, then a suitable option would be to enter into an arrangement to clear the arrears over a period, which suits your finances. Typically this will be over a period of 12 months or less, although we are able to consider a longer period if necessary.
We will need an Income and Expenditure form to be completed and consider what surplus income you have before agreeing this solution. If having entered into an arrangement you find that you cannot afford the repayments, then please contact us immediately and we will look at the alternative options available to you.
You may wish to seek independent advice from a free debt advice agency (click here for list of agencies) before making a proposal. Please advise us if you are using this option and we will allow sufficient time for you to make and attend an appointment.
If your income has temporarily reduced, a short-term arrangement to make reduced payments may be suitable, typically over a period of 3 months. We will review your circumstances again at the end of the 3 month period to further understand how your circumstances have changed.
We will need an Income and Expenditure form to be completed to understand what is affordable and we will need to consider how long this is likely to be needed for.
You may wish to seek independent advice from a free debt advice agency (click here for list of agencies) they can help with budgeting and to assess whether there are any benefits that you may be entitled to. Sufficient time will be provided to enable you to make and attend an appointment.
A mortgage payment holiday is a break from paying your mortgage for an agreed period of time. At the end of the payment holiday, the interest that was due during the holiday will have continued to be charged and will need to be repaid. This may be done by adding the accrued interest onto the mortgage balance at the end of the payment holiday. Alternatively, we can discuss options to repay the missed payments over a shorter period of time or consider extending the term of your mortgage by the period of your payment holiday which may help with affordability.
A payment holiday will normally only be automatically granted on a loan where the mortgage product provides such a facility and is subject to the terms and conditions of the product.
If you request a payment holiday but are not eligible based on your mortgage product, a mortgage payment holiday may still be a suitable solution where your circumstances evidence that the break from payment is required for a temporary period only.
We will need an Income and Expenditure form to be completed to understand the temporary gap in affordability and we will need to consider how long this option is likely to be needed for.
You may wish to seek independent advice from a free debt advice agency (click here for list of agencies) as they can help with budgeting and to assess whether there are any benefits that you may be entitled to. Sufficient time will be provided to enable you to make and attend an appointment.
If it becomes evident that the reduction in your income is long-term, then you may be referred to one of our Qualified Mortgage Advisers or to a free debt advice agency (click here for list of agencies) to seek a long-term solution.
Where it is evident that the impact on your financial position is permanent and shorter term options are not suitable, then we may refer you to a Qualified Mortgage Adviser where appropriate, this could be to consider one of the following:
- Product Transfer – if you are currently on a Standard Variable Rate, depending on your circumstances, there may be a lower rate available that you can switch to. This may attract early repayment charges and where these apply, full information will be provided to ensure you are able to make an informed decision.
- Term Extension – it may be possible extend the length of your mortgage which will reduce your payments by spreading the cost over a longer period of time. This will however, cost you more in interest overall.
Finally, where the mortgage is considered to be no longer sustainable then we will discuss whether a sale of the property is the most suitable option – this would be where you can no longer afford the mortgage repayments and all other options have been considered but are not suitable. You can either sell the property yourself or we may be able to help you with an assisted voluntary sale. In this instance we will closely track the sale of the property with you and look at reduced payments over a period of time to enable the sale to progress. Prior to progressing with this option we would suggest that you obtain independent advice to explore any other options (click here for list of agencies).