We are here to help
If you're worried about making your mortgage payments, or think you may struggle in the future, please contact us as soon as possible.
Financial difficulties can happen for many reasons. Changes in income, illness, unexpected expenses or changes in personal circumstances can all affect your ability to keep up with payments.
At Birmingham Bank, we are committed to treating customers fairly and supporting good outcomes when financial difficulties arise. We will listen to your circumstances, explain your options clearly and work with you to identify a sustainable way forward.
What happens when you contact us?
The earlier you speak to us, the more options we may be able to consider. Please be reassured that contacting us about your situation will not be detrimental to your credit score.
Our Collections and Recoveries team will take the time to understand your situation.
We may ask about:
This information helps us understand what support may be appropriate and whether any assistance is likely to be affordable and sustainable for you.
How we assess support options
All customers’ circumstances are different.
If you are experiencing financial difficulty, we will review your situation and consider whether a forbearance arrangement may be appropriate. Any support we provide will be based on your individual circumstances and our assessment of what is affordable, sustainable and suitable.
Possible support measures may include temporary or medium-term changes to your repayment arrangements. Examples of forbearance can include:
The options available will depend on your circumstances and your mortgage.
Supporting vulnerable customers
We understand that some customers may be particularly vulnerable due to their personal circumstances.
If you have a health condition, experience a significant life event, have caring responsibilities, or face other circumstances that make managing your finances more difficult, please let us know.
We will take these factors into account when discussing your situation and any support that may be available.
Our approach to arrears
If you have missed payments, we will contact you to discuss your circumstances and understand how we can help.
Our aim is to work with customers wherever possible to return accounts to a fully performing position. We will always seek to understand your circumstances before considering further action.
Will this affect my credit file?
Depending on your circumstances, missed payments, arrears or changes to your repayment arrangements may affect your credit file.
If a proposed arrangement could have implications for your credit record, we will explain this to you before any agreement is put in place.
Is repossession a possibility?
Repossession is always a last resort.
Our priority is to understand your circumstances and consider whether a sustainable repayment solution can be achieved. Only where appropriate support measures have not been successful, or where no sustainable solution can be reached, would we consider recovery or enforcement action.
Independent debt advice
You may find it helpful to speak to a free, independent debt advice organisation. Sources of support include:
(these links will take you away from our site)
These organisations can provide independent guidance about managing debt and dealing with financial difficulties.
Contact us
If you're worried about your mortgage payments, please contact us as soon as possible.
Telephone: 03330 048 048
Email: info@birminghambank.com
Opening hours: Monday – Friday 9am – 5pm
The sooner we understand your circumstances, the sooner we can discuss the support that may be available.
Any information contained in this article should not be construed as financial advice or tax advice. We recommend that all of our customers seek independent advice from suitable professionals before making any decisions about their money.
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