Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

What is...

Negative Equity

Negative Equity is the difference between the value of your house and your mortgage, when the value is less than the mortgage outstanding. This is caused by a general fall in the market value of a mortgaged property. This can create difficulties for individuals who can no longer maintain the repayments on their mortgage as they will be unable to cover the full amount of the mortgage if they sell the house.

This is why lenders will generally not lend above 90% LTV of the property, to ensure this situation does not arise. It is also why lenders charge Higher Lending Charges on high LTV properties to cover them on any potential loses if the house is repossessed.

Will my Credit Report show whether I’m in Negative Equity?

The value of your home isn’t recorded on your Credit Report. Any outstanding mortgage balance will be reported, but potential lenders (for example when remortgaging) will use their own valuation to assess the level of equity you have and to see whether you are in Negative Equity.

What’s bad about being in Negative Equity?

Moving home or remortgaging can be more difficult if you are in Negative Equity. If you are unable to remortgage, it could mean that you are moved to a lender’s standard rate once a fixed rate ends, which is likely to be much more expensive.

It also means that selling the property would not be enough on its own to repay the remaining mortgage amount.

It’s sensible to monitor both your outstanding mortgage balance and the estimated value of your home regularly.

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