The rising cost of living means many people are under financial pressure, and managing your money can feel challenging. If you're struggling with your rent and service charge payments, we're here to help.
How is my rent calculated?
As a shared owner, you can buy between 10% – 75% of your home to start with, which means you’ll need a smaller mortgage and deposit. You then pay rent on the share of your home that you don’t own. For a quick recap on how your rent is calculated, and why you pay the amount you do, click the button below.
See how your rent is worked out
What are rent arrears?
Rent arrears are when payments are missed or not paid in full, causing the amount of money you owe to build up over time.
There can be many reasons for this, such as changes in your earnings, unexpected costs, or rent increases. If it does happen, the most important thing is to get in touch with us right away and not let arrears build up.
How to stay on top of your rent payments
- Plan ahead: budgeting for an annual rent increase can help you manage your rent payments better.
- Keep an eye on inflation trends: this directly affects the rent you pay and can help you predict upcoming rent changes. Check the latest inflation figures on the ONS website: Inflation and price indices
- Review your spending: regularly look at how much money you spend to see where you can cut back and save.
Start managing your money better today
What to do if you’re struggling with rent payments
If you’re worried about your rent and service charge payments, it’s important to act now. Here’s what you can do:
- Tell us: Call our friendly Money Advice team on 0345 60 20 540 for free and confidential advice if you’re struggling with your finances.
- Don’t let your situation get worse: our rent payment officers are here to help you with everything from flexible repayment plans to budgeting advice and debt management. Learn more about how our rent payment officers can help you here.
- Check your benefits: If you get Universal Credit or Housing Benefit, your payments should automatically adjust to cover rent increases.
- Other support available: You can also contact Citizens Advice or National Debtline for free, confidential budgeting and debt support.
