At HMS, we understand that financial circumstances can change unexpectedly. If you’re concerned about falling behind with your payments or are worried about being unable to repay your Shared Equity Mortgage (SEM) in full at the end of its term or after selling your property, please let us know as soon as possible.
You can contact us by calling, emailing or writing to us, using the details on our Contact page.
Our Servicing team is committed to finding an appropriate solution based on your individual circumstances. To better understand your situation, we will need to ask you for information, which may include your income and expenditure and details of your first mortgage. This will help our team to ensure we provide the best support for you.
Depending on your circumstances and the loan you have, we can offer short-term or long-term solutions (we may refer to this as ‘forbearance’). Options available to you may include:
- Adding a manageable amount to your regular monthly payments to clear any missed payments over an agreed period
- Temporarily pausing interest payments for a set period. During this time, interest will still accrue and be due at the end of this period
- Changing your payment date or method of payment
- Payments towards your mortgage balance to reduce what you owe.
- Time to progress your repayment strategy, such as selling your property or remortgaging
- Time to allow you to obtain independent debt advice
IMPORTANT: The availability of the above options are based on your individual loan agreement and circumstances. The best way to understand what your specific options are, is to contact our servicing team so that we can discuss what is available to you.
HMS are not regulated to provide advice, but we always recommend that you seek independent advice. Debt advice links can be found here.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.