There are a few things to consider before applying for a payment deferral, to make sure it’s right for your situation:
- A payment deferral is a short-term support. If you feel that you will need longer-term support, or you are worried about starting your payments again please speak to us.
- If you are not up to date with repayments on other products that you have with us, for example your credit card or personal loan, speak to us.
- If you are a Buy-to-Let landlord, it is expected that you pass the relief from your payment holiday onto your tenants. If you are not in a position to do this, please contact us to discuss other options available to you.
- If you have multiple Buy-to-Let mortgages with us, an adviser may be in touch with you to get extra information to complete your application and discuss your options.
If you’re not sure what to do, or need help to sort out any money worries that you may have, you can get free, independent advice from Advice NI, Housing Rights Service or other debt counselling organisations. You can find more information about these services on our Customers in Financial Difficulty webpage.
It’s important you know that some of these options are likely to increase your mortgage balance, your interest and the total amount you have to repay. We have provided examples of the longer term impact on your mortgage below. If you click on the title, you can see examples for each of the options to give you an understanding of the longer term impact on your mortgage.