COVID-19 Support for Mortgage Customers
If you are coming to the end of your mortgage payment holiday and want to know what to do next, click here. If you are coming to the end of your second mortgage payment holiday, click here.
Concerned about your mortgage repayments?
We are aware that many households are facing disruption as a result of COVID-19 restrictions. Our aim is to remain flexible in our responses to support you through periods of short term job losses and the financial distress caused at this time.
The closing date to apply for a mortgage Payment Holiday is 31st March 2021.
Mortgage customers that have availed of a mortgage Payment Holiday of up to three months and have returned to full repayments, can avail of another mortgage Payment Holiday of up to three months. The total Payment Holiday period taken cannot exceed six months.
I want to apply for a mortgage Payment Holiday
If you think you’ll struggle to make your repayments in the short term, you can apply for a mortgage Payment Holiday of up to three months.
You can also make partial repayments on your mortgage for up to three months if you can afford to do so. You can decide how much you can afford to pay.
When we talk to you, we will ask you some questions to help determine the best solution for you, given your circumstances. We may request your furlough letter if you have been provided with one by your employer.
If you want your Payment Holiday to start before your next repayment date, please contact us at least seven working days before that date.
When your mortgage Payment Holiday ends, we will increase your monthly repayments over the remaining term of your mortgage to spread the cost of the Payment Holiday amount over the original term of the mortgage.
Alternatively at the end of your Payment Holiday you can apply for up to a three month extension to your mortgage term. This will lower your monthly payments when your Payment Holiday ends but you will end up paying more interest over the extended mortgage term.
You can catch up on the Payment Holiday amount and make a lump sum payment either now or through the course of your mortgage if you are in a position to do so.
If you are on a fixed rate mortgage, you will not have to pay an early repayment charge for making this lump sum payment.
Long term support
If you expect that your income will be affected in the long term by COVID-19 restrictions and you will be unable to make your mortgage repayments, we have solutions in place to assist. The most important thing to do is talk to someone who can help. Our dedicated teams have helped hundreds of customers with repayment worries get their money back on track.
For more information, see Concerned about your mortgage repayments.
Alternatively, you can also visit the FCA’s dedicated ‘dealing with financial difficulties during the coronavirus pandemic' webpage.
If your mortgage is in arrears, please click here for more information.
Talk to Us
Getting in touch with us is the first step. Speak to a member of our mortgage team today, they are here to help and answer any questions you may have.
Call us on 0345 600 5925 or request a callback. A member of our team will be in contact with you within three working days to process your request. Lines are open Monday-Friday 9.00am-5.00pm (excluding Bank holidays).
If your financial distress is not as a result of COVID-19, or if you think your situation will extend beyond a 3 month period, we have long-term repayment solutions that may help you. For more information, see Concerned about your mortgage repayments.
Frequently Asked Questions
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What is a mortgage payment holiday?
We know times are tough so we are offering mortgage customers who have been affected by COVID-19 restrictions a Payment Holiday of up to three months. This gives you the flexibility to take a break from paying your mortgage repayments for that period. No additional fees or charges will be incurred as a result of you availing of a mortgage Payment Holiday or partial repayment period. Interest on your account will continue to accrue at the agreed rate during the Payment Holiday period.
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I have previously taken a mortgage Payment Holiday and returned to full repayments, can I avail of another mortgage Payment Holiday?
Mortgage customers that have availed of a mortgage Payment Holiday of up to three months and have returned to full repayments, can avail of another mortgage Payment Holiday of up to three months. The total Payment Holiday period taken cannot exceed six months in total.
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Will taking a mortgage Payment Holiday affect my credit rating?
Our solutions have been designed to ensure your credit records will not be negatively impacted by a COVID-19 related mortgage Payment Holiday.
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How can I apply for a mortgage Payment Holiday?
Speak to a member of our mortgage team today, they are here to help and answer any questions you may have.
Call us on 0345 600 5925, or request a callback. A member of our team will be in contact with you within three working days to process your request. Lines are open Monday-Friday 9.00am-5.00pm (excluding Bank Holidays). -
I have a shortfall in my income not as a result of COVID-19 restrictions or I might have a longer term shortfall in my income as a result of COVID-19 restrictions, can I apply for a mortgage Payment Holiday?
If the shortfall in your income is not as a result of COVID-19 restrictions, or if you think your situation will extend beyond a three month period, we have long-term repayment solutions that may help you. For more information, see Worried about payments.
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If I’m approved for a Payment Holiday on my mortgage, when will it start?
Once you’re approved, the Payment Holiday will begin on the following month.
If you want your Payment Holiday to start before your next repayment date, please contact us at least seven working days before that date.
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My mortgage direct debit is due to leave my account the next few days? Can I still apply for a Payment Holiday?
In order for these solutions to take effect before your next scheduled repayment date, please ensure you contact us to apply for these at least seven business days before that date.
You do not have to cancel or amend your direct debit, this will be amended automatically by us once the Payment Holiday is in place.
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What happens when my Payment Holiday ends?
If you need further support after your initial three month Payment Holiday, you can apply for a further three month Payment Holiday. The total Payment Holiday period taken cannot exceed six months. All Payment Holidays and extended Payment Holidays must end by 31st July 2021.
We will be in touch with you prior to the end of your Payment Holiday to discuss your next steps.
As the COVID-19 situation evolves we will keep these FAQs updated.
Important information
- Your credit rating will not be affected by a Payment Holiday arrangement, however this is subject to you adhering to the conditions of the agreement.
- Interest on your account will continue to accrue at the agreed rate during the Payment Holiday period.
- In the case of an Interest-Only arrangement, the capital balance will not decrease during the arranged period.
- If you have a Buy-to-Let mortgage account and your tenants may not meet their rental payments on a short term basis as a result of COVID-19, we strongly recommend you pass the agreed Payment Holiday terms onto them.
- At the end of your Payment Holiday period, your account will revert to the previous terms of the account. If you are nearing the end of your Payment Holiday and you are not in a position to roll onto your original repayment agreement, please contact us to discuss a long term solution.
- If you are nearing the end of your current Payment Holiday and have cancelled your direct debit or standing order, please ensure this is in place before your next repayment date
- If you are nearing the end of your Payment Holiday and you are not in a position to revert to your original repayment agreement, please contact us to discuss a long term solution
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