Important information regarding ‘Homes for Ukraine Sponsorship Scheme’
In response to the humanitarian crisis in Ukraine, the UK Government has launched the ‘Homes for Ukraine Sponsorship Scheme’, which will enable homeowners across the UK to provide accommodation within their own home to refugees fleeing the war.
The Building Societies Association and UK Finance financial services trade bodies are working closely with the Government as it finalises details of the scheme, with a view to implementing it as quickly and simply as possible, by enabling homeowners to participate easily.
We fully support the initiative as a mortgage lender.
If you have applied to act as a host, and are accepted, it is important that you contact us once the joint visa application from you, the sponsor and the refugee/refugees has been accepted, to inform us that you are taking part.
To get in touch, please call us on (01482) 881510 or email us at firstname.lastname@example.org
More details regarding the Scheme can be found here – https://homesforukraine.campaign.gov.uk/
- 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.
- Make sure you keep anyone associated with this mortgage up to date with what is happening.
- Keep to any payment plan we agree with you, or tell us immediately if there is a change in your circumstances which may affect the arrangement.
- Check whether you can get any state benefits or tax credits which could help to increase your income.
- If you have an insurance policy, 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.
- Contact you as soon as possible to discuss your problem.
- Talk to an agency which gives debt advice (for example, Citizens' Advice) if you want us to.
- Give you reasonable time to get your mortgage back on track.
- Only start proceedings to repossess your home if we cannot solve the problem with you.
- Arrange a new payment plan with you.
- 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 can make one of these arrangements with you, we will explain how it would work and give you time to consider it. If we cannot offer you any of these options, we will tell you why. However we might agree to you remaining in the property in order for you to sell it yourself depending on your circumstances.
If you are in arrears, we may charge you for our 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.
- We will sell it for the best price we can reasonably get.
- 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, we will pay it to you.
- 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 (five years in Scotland) to arrange for you to pay back what you still owe.
- 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.
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.