Existing Borrowers

From time to time you may wish to review your mortgage with us, for example:

• To find out your current loan balance and the remaining term of your loan
• make a lump sum repayment or repay the loan more quickly
• you may want to borrow more money
• you may have decided to move house
• switch to another mortgage deal with us  
• you may need to discuss financial difficulties you are experiencing

Your local branch will be happy to help you.

If you have any questions or require any further information, please do not hesitate to contact us. Call 01509 631950

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Arranging an additional loan to help finance home improvements or pay for a large purchase is simple.

Contact the New Business Team on 01509 631950 or call in to your local branch for more information.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

If you are having trouble paying your mortgage, we will try to help you. This page explains how we will treat you fairly, and what steps you should take to help yourself.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

We will

• Contact you as soon as possible to discuss your account. Talk to an agency which gives debt advice (for example, Citizens' Advice), if you want us to.
• Give you reasonable time to pay back the debt.
• Only start proceedings to repossess your home if we cannot solve the problem with you.
• Maintain regular contact with you, regularly reviewing your circumstances.
• Accept payment to your account by cash, cheque, standing order, direct debit, bank giro payment or BACS/CHAPS

We might be able to

• Arrange a new payment plan with you, taking your and our interests into account.
• Change the way you make your payments, or the date you make them.
• Allow you to pay back your mortgage over a longer period of time (which would reduce your monthly payments).
• Change the type of mortgage. If we cannot offer you any of these options, we will tell you why.

If we can make one of these arrangements with you, we will explain how it would work and give you time to consider it, only progressing with your approval.  If we cannot offer any of these options, we might agree to you remaining in the property to sell the property yourself depending on your circumstances.

What you can do to help us

• Tell us as soon as possible if you are having problems repaying your mortgage or think that you might experience problems shortly.
• Seek debt advice if you would like help with managing your finances.
• Contact us quickly, if we try to contact you.
• Make sure you keep any other people paying the mortgage, and anyone guaranteeing the mortgage, up to date with what is happening.
• Keep to the payment plan we agree with you, or tell us if there is a change in your circumstances which may affect the arrangement. If you do not make the agreed payments, we might have to go to court to get back any money you owe us, or to repossess your property.
• Check whether you can get any state benefits or tax credits which could help to increase your income.
• If you have an insurance policy, such as a mortgage payment policy or income protection, check whether it would help with your payments.
• Tell us if you move to a new address.

You may want to talk to a professional adviser, such as a debt counsellor or a lawyer, before you change your mortgage arrangements. We would strongly advise that you seek independent, free, debt advice.

Costs and charges

If you are in arrears, we may charge you for reasonable administrative and legal costs. We will tell you the amount you will have to pay.

• We may send a debt counsellor to see you to discuss your financial circumstances, and the cost of the visit may be charged to your mortgage account.
• We may go to court to start proceedings to repossess your home. If proceedings take place, we strongly recommend that you attend the court and that you seek independent debt advice.
• Starting court proceedings does not necessarily mean that we will repossess your home. We will keep trying to solve the problem with you. Possession is a last resort.
• Before we repossess your home, we will give you information about getting in touch with your local authority to see if they can find you somewhere else to live.

If we repossess your home

• We will sell it for the best price we can reasonably get.  We will try to sell it as soon as possible.
• We will give you reasonable time to take your possessions from your home.
• We will use the money raised from selling your home to pay your mortgage and any other loans or charges.
• If there is any money left over, it will be paid to you.

If selling your home does not raise enough money to pay off the mortgage

• If there is not enough money from the sale to pay the whole mortgage, you will still owe us the amount that is left (a shortfall debt). We will tell you what this is as soon as possible.
• If you bought your home with other borrowers, each of you is responsible for all the money borrowed. This is true even if you normally only pay part of the mortgage.
• We will contact you within six years of selling your property to arrange for you to pay back what you still owe. If any costs are incurred in tracing you to make these arrangements, they will be payable by you.
• We will take account of your income and outgoings when we arrange a payment plan for this shortfall debt with you. But if we cannot arrange a suitable plan, we may go to court to get our money back. You might have to pay additional court costs.
• If a shortfall debt is not paid, it could affect whether you are able to get credit in future.

Complaints

If you do not think we have treated you fairly, you can complain to us by calling us on 01509 610707, emailing enquiries@theloughborough.co.uk or in writing to Loughborough Building Society, 6 High Street, Loughborough, LE11 2QB.

If your complaint is not dealt with to your satisfaction, you may then take it to the Financial Ombudsman. The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at:

The Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR Phone: 0845 080 1800

Other issues

Some companies may offer you new loans or even invite you to sell your property to them and then lease it back as a way of resolving your short term financial difficulty. Please be careful, as such actions may not be in your long term best interests. We would advise you to seek independent advice before entering into any arrangement of this type.

You may be thinking about handing your keys over to us. If you do this, you will still owe us any outstanding debt and we would advise you to discuss this option with us before taking such action.

Yes - in general it's possible to change your direct debit to be paid on the day you prefer, you must still make a payment within the same month and generally before the 28th to ensure your payment reaches us in good time.  

Our collection dates range from the 1st to the 28th of the month.

Yes, but we may need to switch your mortgage to a "Buy to Let" mortgage (which will affect your repayments). It also depends on your circumstances (talk to us about short term lets).  The mortgage will need to fit certain criteria. Please telephone the Mortgage Administration Team on 01509 631951 to discuss your options.

Yes. If you need to change the name/s on your mortgage, for example in the event of divorce, marriage or you have changed your name by deed poll - you will need to send a certified copy of your marriage certificate or a certified copy of the Deed Poll document to the Society and your account will be amended.

Your rate will revert to our standard variable interest rate for the remainder of the term.  We will normally contact you before this happens to offer you another product. To discuss your options, you will need to contact the Mortgage Administration Team on 01509 631951.

Depending on the mortgage product you choose, there may be a product fee to pay.

Please contact the Mortgage Administration Team on 01509 631951.

If you need to remove a name from your mortgage, for example in the event of divorce, you will need to contact the New Business Team on 01509 631950 as this will involve taking out a new mortgage.

Yes, subject to your ability to make the monthly repayments required following the change.  If you transfer your mortgage to an interest only mortgage your mortgage payments will not include the costs of any savings plan or other investment you need to arrange to build up a lump sum to repay the amount borrowed. 

It's important to check regularly that your savings plan or other investment is on track to repay the mortgage at the end of the term.  The Society will need you to confirm how you intend to repay your mortgage when you make your request.

Please contact our Mortgage Administration Team on 01509 631951 to discuss your options

Charges may be made when you ask for certain changes to be made to your account, or when your account is in arrears. This is to cover the Society’s additional costs in administering your account.

Details of all our current charges can be found in our Tariff of Charges.  A copy of this is sent to you each year with your annual statement.

This depends on what type of mortgage product you have.  Most products do have an Early Repayment Charge during the initial incentive period (eg fixed or discounted rate), a smaller number have additional Early Repayment Charges after the incentive period.

In all cases, we will charge interest to the day of redemption upon full redemption of your mortgage.

We also charge administration fees.  Details of all our current charges can be found in our Tariff of Charges.  A copy of this is sent to you each year with your annual statement.

Once you've paid off your mortgage, the Society does not have the facilities to store your title deeds so we will send them to you by registered post if you are unable to collect them from our Loughborough branch.

The refund will be sent to your acting solicitor, for them to forward on to yourself.  In most cases where solicitors deal with redemption of a mortgage the borrowers have moved house and the Society will not have any record of the new address.  If the overpayment was in the form of a direct debit payment, your bank may be able to arrange to recall the payment for you immediately under the terms of the 'Direct Debit Guarantee scheme'.  Your bank will be able to supply you with further details.

Generally yes - if you move house you can transfer your current mortgage to your new house subject to the Society's lending criteria and policy.  If you need a larger mortgage, you can borrow the extra funds required on any of the Society's mortgage products available at that time subject to meeting the terms and conditions of the mortgage product you have chosen.

If you find yourself in financial difficulties, the Loughborough Building Society will endeavour to help, however this is only possible if you notify the Society of your circumstances and keep us informed of any developments.

Early contact is essential, and enables us to work with you to resolve any financial difficulties at the earliest opportunity.

If you would like to discuss your circumstances and are currently experiencing financial difficulty please do not hesitate to call us on 01509 631952.  Staff are available from 9.00am to 5.00pm Monday to Friday.  

You can also obtain help and advice from national debt counselling organisations which may provide you with further assistance, you can obtain confidential advice from the organisations listed below:

National Debtline – 0808 808 4000

www.nationaldebtline.co.uk

Advice UK – 020 7407 6611

www.adviceuk.org.uk

Consumer Credit Counselling Service – 0800 138 1111

www.cccs.co.uk

Citizens Advice Bureau – You will need to locate the number of your local bureau from the phone book or via the below link.

www.citizensadvice.org.uk

Please be aware that there are companies that charge a fee for managing your debts. If you intend to use the services of these companies you should make yourself aware of any charges which may be applicable and fully understand their agreement terms.