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Having difficulties in paying your mortgage?

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Having difficulties in paying your mortgage?

We appreciate that members may be financially impacted by Coronavirus and more so following previous government announcements. We are here to help in these difficult times.

What help is available to you?

We can help with various temporary mortgage repayment options. These include, payment holidays, interest only repayments, reduced repayments and extending the term of your mortgage. We will work with you to find the most suitable solution.

It helps, but is not essential, if before you contact us that you have a good picture of your overall financial situation. You can download our income and expenditure form to help you with your financial planning, please see the form here. We appreciate that this can seem overwhelming, so don’t worry if you are not sure where to start, that’s where we come in. Contact us and we will be happy to help you.

What is a payment holiday?

A mortgage payment holiday is a break from paying your mortgage for an agreed period of time. At the end of the payment holiday, the interest that was due during the holiday will have continued to be charged and will need to be repaid. This may be done by adding the accrued interest onto the mortgage balance at the end of the payment holiday. Alternatively, we can discuss options to repay the missed payments over a shorter period of time or consider extending the term of your mortgage by the period of your payment holiday which may help with affordability.

We can review the most suitable solution for your circumstances, but it is important that where possible you continue to contribute towards your mortgage payments.

Where this is agreed specifically for customers impacted by Coronavirus, as well as buy-to-let landlords (where the tenant is unable to pay the rent to support the buy to let mortgage), this will not affect your credit rating. In line with the  government scheme guidance you can no longer request a new payment holiday, but an extension will be considered up to the 31st July 2021 subject to a maximum period of 6 months in total.

What happens at the end of the payment holiday?

At the end of the payment holiday you’ll receive a letter with instructions and options, including directions to our website, which we’ll continue to update with emerging government and regulatory guidance.

If you’d like to contact us, please find our contact details below. 

What if you do not want to have the interest added and increased repayments?

If you prefer, you can repay the missed payments in one lump sum.

What if you are struggling to repay the new increased payments at the end of the payment holiday?

We may be able to look at extending the term of your mortgage to bring the repayments more in line with what you are paying now. But remember by doing this, you will incur more interest as you will be paying your mortgage over a longer period. 

Can I extend my payment holiday if I am still being affected by Coronavirus?

If the payment holiday is coming to an end and you are still being affected, there may be a number of options that we can look at based on your circumstances which could include a further payment holiday, making reduced monthly payments or a longer term solution. If this is something that you would like to discuss, please get in touch and our team would be happy to talk this through with you and look at a tailored solution specific to your circumstances.

When do I need to apply for a payment holiday?

The Financial Conduct Authority have confirmed that any customers impacted by Coronavirus have until the 31st July  2021 to apply for an extension to their existing payment holiday subject to a maximum of 6 months in total. After this date you should still contact us if you are in financial difficulties as we are here to help and we will consider the most appropriate solution for your circumstances.

Will my credit history be impacted?

If a payment holiday is granted, in line with the guidance from the Financial Conduct Authority, this will not affect your credit history or credit score. However, please note that some lenders may use information obtained from other sources, such as bank statements or mortgage statements in their lending decisions which would show that a payment holiday has been taken.

If you have made any payment arrangements outside of the Financial Conduct Authority Coronavirus scheme, then your credit score and history will be affected.

What is temporary interest only?

If you do not already have an interest-only mortgage, and if it is suitable, you just repay the interest on your mortgage for a short period, usually three months. The balance on your mortgage does not reduce during this period as you are only paying interest. This means that at the end of the interest only period, your unchanged mortgage balance must be repaid over the shorter remaining term. What you also need to be aware of is your overall interest over the remaining term will increase slightly as the balance has not decreased during the interest only period.   

What is a reduced payment arrangement?

We agree with you to reduce your repayments for a short period. You must remember the shortfall in your repayments will need to be made up over the remainder of your mortgage once the reduced payment period ends. Also be aware, in any arrangement where repayments are reduced, you will end up paying slightly more overall interest as the balance has increased.

What is a term extension?

We can consider extending your mortgage term if it is suitable to you. This normally has the effect of reducing your mortgage repayments. There are some important factors to consider such as, you will be paying for a longer period of time incurring more interest and the additional term can affect future plans such as retirement. Please contact us to discuss these matters in more detail.

As you can see, we are here to help you, so please contact us as early as possible if you have any concerns about your mortgage repayments. 

Call us 0808 168 8570

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Submit a callback form which can be found at the top of this page on the right.

Should you have any concerns with other financial commitments, please remember that there are a number of organisations who can offer support and provide guidance with your whole situation. You can find a list of useful contacts here.