Coronavirus Help & Support
We understand that this could be a worrying and uncertain time and we want to support you as much as reasonably possible.
We are currently dealing with a higher number of calls from customers than normal. So that we can support those in the most vulnerable situations please only call if your enquiry is urgent. We are doing our best to help customers as quickly as possible and we appreciate your cooperation.
If you do need to speak to us please remember that our call wait times are likely to be longer than normal.
Taking a 1-3 month payment holiday
WHAT IS A PAYMENT HOLIDAY?
It means deferring your monthly mortgage payments for a set amount of time. In this case, if you have been financially impacted by coronavirus, you can request a payment holiday for up to three months.
However, it’s important to remember that you still owe these payments and they will still need to be paid at a later date.
HOW DOES A PAYMENT HOLIDAY WORK?
During the payment holiday, interest will continue to accrue and be charged to your account, which means your outstanding balance will increase.
In most cases we expect that the interest accrued during the payment holiday, and (if you have a capital repayment mortgage) the deferred capital repayments will be paid by spreading them over your remaining term. As a result your future monthly payments will increase. The total amount of interest you pay over the term of the mortgage will also increase.
Should you wish to pay another way, or if you think you will have difficulties making the increased monthly payments, we will provide you with the opportunity to discuss this with us further.
If a payment holiday is agreed, you usually pay by Direct Debit and a monthly payment is due in the next five working days, you must contact your bank immediately to cancel the Direct Debit. If you don’t have a payment due in the next five working days you do not need to do anything, once the holiday is agreed, the payment will not be collected. Please remember if you have cancelled your Direct Debit, you will need to reinstate it at the end of the payment holiday.
WHAT IF I’M ALREADY IN ARREARS?
We will continue to send monthly arrears letters, as your previously missed payments are still outstanding. Your credit score will continue to reflect the same arrears status as immediately prior to the payment holiday.
WHAT IF I CAN AFFORD TO MAKE SOME FORM OF PAYMENT?
If, during the payment holiday, you can afford to make payments towards your account, we would encourage you to do so. The payment holiday will remain in place for your full monthly payment, but the overall amount deferred will be less.
Your balance will not increase as much as it would if no payment was made and the impact of the payment holiday on your future monthly payments and the amount of interest you pay will be reduced.
If your account is currently in arrears, any payments received during the payment holiday will be used to reduce the arrears.
IF I TAKE A PAYMENT HOLIDAY WHAT WILL HAPPEN TO MY CREDIT SCORE?
This payment holiday will not negatively affect your credit score. If your account is currently up to date, then your credit score will continue to reflect this status.
If you are currently in arrears then your credit score will continue to reflect the same arrears status as immediately prior to the payment holiday. If you make any payments during the payment holiday and reduce the arrears, these will be reflected.
HOW DO I ASK FOR A PAYMENT HOLIDAY?
Please contact us to request a payment holiday. You can take up to a maximum three months’ holiday if you’ve been affected by coronavirus (COVID-19).
Help with payment difficulties
Please see our main Help with payment difficulties page for help and support.
Coronavirus and your mental wellbeing
The mental health charity MIND has produced a helpful guide – Coronavirus and your wellbeing – which aims to provide information to support anyone who is feeling anxious about coronavirus. It might be helpful to those who are self-isolating or working from home.
Be aware of scams
Unfortunately, fraudsters are using the coronavirus pandemic as an opportunity to defraud individuals. Take Five is a national campaign that offers straight-forward and impartial advice to help everyone protect themselves from preventable financial fraud. They have published a scam alert on their website to help individuals spot and avoid scams in relation to coronavirus.
More information about the Covid-19 virus
Details of the Government’s response to coronavirus can be found on the UK government website.