We understand that circumstances may change which may make it difficult for you to keep up with your mortgage payments. If you think your ability to repay your mortgage may be affected, please talk to us. We can help if you are experiencing payment difficulties or think you may do in the near future. You should contact your Mortgage Accredited Relationship Manager in the first instance.
What will happen if you miss a payment?
Your Mortgage Accredited Relationship Manager will contact you to ask you to rectify the missed payment. If the repayment is not made, we will write to formally advise you of the missed payment and what charges will be incurred as a result and we will again ask you to rectify any missed payment as soon as you can.
In the event that the missed payment is not brought up to date and further payments are missed, this will mean your mortgage loan is in arrears and we will contact you again to advise you. This may be in writing or by telephone. We will advise you of the missed payments and any costs incurred as a result. We will once again ask that you bring your repayments up to date and invite you to contact us if you think you are unable to do so.
It is important for you to come and talk to us in order for us to:
- understand why the payments are being missed
- understand whether this may happen again
- discuss what options may be available to you and how we can help
- agree on a solution with you
We will look at your individual circumstances and try to help in a way suitable for you. This may mean:
- Looking at the possibility of changing the terms and conditions of your mortgage loan, which may include:
- extending the term
- changing the mortgage payments to interest only for an agreed period
- smaller, partial repayments for an agreed period
- a repayment holiday
- We may also look at refinancing your mortgage loan either fully or partially.
We want to resolve any payment difficulties and reach an agreement with you on the best way to achieve this. Once we have agreed on a suitable solution, we will confirm this in writing to you.
What happens if we cannot reach a suitable agreement?
We hope that we will be able to come to an agreed solution but unfortunately, not every situation can be resolved. If this is not possible we may need to start looking at initiating steps to repossess the property.
If you are experiencing financial difficulties, you can also contact;Name: Gibraltar Citizens Advice Bureau,
Address: 10A Governor’s Lane, Gibraltar
Telephone: +350 200 40006
There are various debt management companies in Gibraltar and some of these companies may charge you a fee. Please be aware of all charges for such a service before asking these companies to act on your behalf.
Think carefully about securing other debts against your home.
Your home may be repossessed if you do not keep up the repayments on your mortgage.