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In exceptional cases of extreme hardship, it may be possible to staircase downwards (also called Flexible Tenure).
If you have bought your home with us on a New Build HomeBuy or Shared Ownership scheme and you are in financial difficulty we strongly recommend you seek professional advice as soon as possible, before your situation worsens and your home is put at risk. You should alert your mortgage lender and seek advice from our in-house Advisors or an independent debt counselling agency, eg, the Citizens Advice Bureau.
After very careful examination of your financial situation, and approval by our Directors and Board, we would allow a lump sum payment to pay off some or all of your mortgage debt. For example you might staircase down from a 50% share to a 25% share, or in exceptional cases, we may pay off the whole mortgage and it may be possible to become a tenant. Flexible tenure is not a given right or entitlement for shared owners.
You will need to provide us with:
Flexible Tenure can only be considered for those who have exhausted all other options and require this assistance as a last resort. We can only help people whose financial difficulties are connected with their inability to pay their mortgage and/or rent, not those who have accumulated debts through unsecured loans or credit cards. Our assessment will include consideration of your ability to meet future repair and maintenance liabilities.
To be eligible you must:
To apply for Flexible Tenure, please download and complete the application form.
Call: 0800 232 1319