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Stuck with your bank?
If another lender has turned you down, or your bank won't budge, you're not alone. We'll help you understand why, what may still be possible, and the steps to get your mortgage back on track.
At a glance
No judgement
just a clear look at your situation
Banks + more
including non-bank lenders
A plan back
to a mainstream bank where possible
Why it happens
Stricter lending tests. A loan you took out years ago may not pass a new lender's criteria today.
Your income has changed. Reduced hours, a new business, parental leave or retirement may make switching harder.
Other debts have built up. Credit cards, car loans or buy now, pay later may reduce how much a new lender will offer.
Credit history issues. Missed payments or defaults may put some lenders off.
Your property's value has dropped, leaving you with less equity than you need to switch.
Your interest-only period is ending, and the jump to principal and interest repayments feels too big.
What may help
Your current lender may offer a better rate, a longer term or a new structure to keep you. We'll help you ask with the full picture.
Extending your term, splitting your loan or consolidating debts may lower your repayments while you get back on track.
Non-bank lenders assess applications differently and may help where banks won't, often as a short-term step with a plan to move back to a main bank later.
If you're struggling to make repayments, you can ask your lender for a hardship variation. Lenders must consider these requests.
How we help
We look at your loan, income, debts and credit history, without judgement.
We work out what's stopping you from switching and whether it can be fixed.
Staying, restructuring or moving lenders, with the costs of each laid out clearly.
If a short-term solution is needed, we plan the steps to get you back to a mainstream bank.
Example
Illustrative only. Every situation is different, and consolidating debt into your mortgage may cost more in interest over time if it's not paid off sooner.
Mere and Tom took out their mortgage 6 years ago. Since then, Tom started his own business and his income has been uneven, and they’ve built up $25,000 on credit cards. Their fixed rate is ending, and other banks have said no.
An option might look like this:
Talk to your lender early. It’s much easier to agree on a solution before you miss a payment. You can also get free, confidential budgeting help from MoneyTalks on 0800 345 123.
Questions we hear often
Your current bank already has your loan, so it may not need to reassess it in the same way. A new lender has to apply today's lending criteria in full.
Many are well-established finance companies. Their rates and fees are usually higher than a bank's, so we'll explain the full costs and help you plan a way back to a bank.
A hardship variation may be noted on your credit file, but it's usually far less damaging than missing payments.
Possibly. Some lenders may consider your application depending on the size, age and reason for the default.
Often 1 to 2 years, while you rebuild your position, though it depends on your situation.
For home loans, usually not, including home loans with non-bank lenders. In most cases the lender pays us when your loan settles.
A free, confidential chat may be the first step to getting your mortgage back on track.