Further short term support
If you are nearing the end of your Payment Holiday but are not yet in a position to return to full payments in the short term, the following support options may be available to you.
I want to extend my Payment Holiday for up to a further three months.
If you think you’ll struggle to make your repayments and need more help, you can apply for your Payment Holiday to be extended.
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 extension to start before your next repayment date, please contact us at least seven working days before that date.
When your extended 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 your mortgage.
Alternatively at the end of your Payment Holiday you can apply for up to a six 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.
If you decide not to put alternative mortgage protection life cover in place, any shortfall in life cover upon death may result in there not being enough cover to pay the mortgage and your estate becoming liable for repayment of the mortgage. You should get independent financial advice regarding your life assurance cover.
Talk to us on 0345 600 5925 or submit an online application. A member of our mortgage team will be in contact with you within three working days. Lines are open Monday-Friday 9.00am-5.00pm (excluding Bank holidays).