WHY RELYING ON THESE CLAIMS CAN CAUSE REAL HARM
Using a promissory note does not pause or settle a mortgage. This means borrowers may unknowingly fall into arrears if they stop making their usual payments. This could:
l impact their credit file l increase the total amount they owe l reduce future mortgage options l in the worst cases, place their home at risk
These schemes are often targeted at homeowners who are already under financial pressure, which can make the situation even more difficult.
WHAT YOU CAN DO IF YOU ARE CONCERNED ABOUT YOUR MORTGAGE PAYMENTS
If you are worried about upcoming payments, please do not rely on information from unregulated online sources. There are legitimate steps you can take.
1. CONTACT YOUR LENDER AS SOON AS POSSIBLE
Lenders must treat customers in financial difficulty in a fair and considerate way. Depending on the circumstances, they may explore temporary or longer-term options with you. These vary case by case and are not guaranteed.
2. SPEAK TO YOUR MORTGAGE BROKER
If you would like help understanding the information provided by your lender or would like to discuss your mortgage more generally. While we cannot make decisions for your lender, we can help you understand what certain options may mean for you.
3. CONSIDER FREE, CONFIDENTIAL DEBT SUPPORT
If you feel under significant financial strain, reputable 41
organisations can offer guidance on budgeting and debt management. These include:
l Citizens Advice l StepChange Debt Charity l National Debtline
l MoneyHelper
These services are independent and may help you review your wider financial position.
A FINAL REMINDER FOR HOMEOWNERS During financial stress, it can be tempting to believe in a simple solution. However, anything claiming to cancel a mortgage instantly or remove the need to make payments should be treated with caution. The FCA has clearly warned that promissory notes do not work and may cause real financial harm.
If you have any questions about your mortgage or want help understanding the process, we are here to support you.
For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE MONEYWATCH FINANCE
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