If you are worried about your mortgage repayments, we want to do all we can to help support you
The following information is only applicable for customers who hold a Futureperfect repayment mortgage with Standard Life Lifetime Mortgages.
Your home may be at risk if you do not keep up repayments on a mortgage or other loans secured on it.
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It is usually best to continue meeting your payments if you can, however if you're unable to make your monthly payments or are concerned that you will struggle to make future payments, we have a range of options to support you. The support and options available may vary depending on your individual circumstances.
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Support options
Arrangement to pay
An arrangement to pay will allow you to repay a payment shortfall over an agreed term in addition to your normal monthly mortgage payment.
This means that for the period of the arrangement you will pay more each month.
Payment Holiday
A mortgage payment holiday gives you some flexibility in repaying your mortgage. It can allow you to stop your monthly payments for a period of up to 3 months.
Your monthly payments will be recalculated at the end of the payment holiday and your future monthly payments may increase as a result.
You will still have interest added to your mortgage throughout this period, even while your payments are reduced or on hold.
We'll let you know when your payment holiday ends and tell you what your new monthly payment will be.
Concessionary Payment
A concessionary payment provides a temporary reduction or pause in the monthly mortgage payment for up to a maximum period of 12 months.
Your monthly payments will be recalculated at the end of the concessionary payment and your future monthly payments may increase as a result.
You will still have interest added to your mortgage throughout this period, even while your payments are reduced or on pause.
We'll let you know when your concessionary payment ends and tell you what your new monthly payment will be.
Change of Payment Date
Where we agree that you pay the monthly mortgage payment on a different date each month.
Temporary Switch to Interest Only
You will only pay the interest on your mortgage for the period we agree.
We'll work out the amount you need to pay monthly based on your interest rate and balance.
Your mortgage balance won't go down while you're only paying the interest. That means after the temporary period your monthly payments will be higher than they are now, because you'll be paying off the mortgage over a shorter term.
This won't appear on your credit file, however some lenders might look at your payment history when making lending decisions and this will show any existing arrears.
Waive or defer payment of capital and/or interest due on the mortgage (including on shortfall at sale)
Where the property we hold as security for the mortgage is pending a sale (or in other certain other circumstances) we may reduce or waive part of the capital balance on your mortgage account or the interest charged on a monthly basis.
Interest Rate Changes
Where we agree to reduce the interest rate charged on your account. This will reduce your monthly mortgage repayments.
Capitalisation of payment shortfall/arrears
As part of this option, we can treat your payment shortfall as if it was part of the original amount advance.
This will increase the overall interest that you pay over the remainder of the term your mortgage.
It’s important to remember that some of these options may cost you more in the long run. Also, some of the options will impact on your credit file and your ability to obtain other financial products. If you are still able to pay your existing monthly payment, then you should continue to do so.
Your home may be at risk if you do not keep up repayments on a mortgage or other loans secured on it.
Get in touch to find out more
By post
Standard Life Lifetime Mortgages
PO Box 1033
Ipswich
IP1 9XQ
By phone
Contact our call centre on 0330 024 0938.
Lines open between 8.30am - 6pm Monday to Friday.
