Coronavirus mortgage payment holiday

Where we can, we’ll start your next payment holiday from your next payment. However, if your next payment is due in the next three to five working days, your payment holiday may start the following month.

If your payment is due in the next few days and you will have difficulty making it, please contact us on 0345 600 2882.

Unfortunately we can’t process requests for payment holidays to start beyond your next repayment, as they should generally commence immediately. Please only apply if you want the payment holiday to start with your next mortgage repayment. Please contact us if you would like to discuss this.

We’ll write to you with further details and to confirm when your payment holiday will start. You will need to cancel your standing order for your mortgage payment if you pay from another bank.

If you have received mortgage support in line with the FCA and Government’s Mortgage and Coronavirus scheme, there has been no impact on your credit rating as a result. Under this scheme, you can avail of up to two payment deferrals and this may have included payment holidays, interest only periods and part repayment periods. However, lenders may take into account a range of factors when making credit decisions in the future including, for example, information provided by applicants or bank account information.

If you need a third payment deferral, this may be reported on your credit file and may impact your credit rating and ability to obtain credit in the future.

In order to assist customers during the Coronavirus pandemic and lockdown, the Government and FCA implemented a scheme that allowed customers to ‘self-certify’ that they were financially impacted by Coronavirus. This allowed us to grant a payment deferral without completing a review of a customer’s financial circumstances.

The FCA has advised that this scheme and the guidance that underpins it will expire on 31 October 2020. This means that, after 31 October 2020, we will no longer be able to accept applications on a self-certification basis. Don’t worry though, we will still be able to help you- the only difference will be that you will undertake a review of your situation with one of our advisors.

If a payment holiday isn’t right for you there are other options available:

With a Capital Moratorium you’ll pay interest only payments for a period of up to six months, meaning you won’t be reducing the amount you owe. This would reduce your mortgage commitment each month, but will still allow you to continue to pay the interest portion of your mortgage.

Or you can make partial repayments instead of taking a payment holiday. This means you will still cover the interest portion of your mortgage repayments and reduce the amount you owe by making smaller reductions to the amount you owe.