Information for customers affected by the Coronavirus (COVID-19)
You won’t now be able to apply for a payment holiday because of coronavirus. All payment holidays because of coronavirus had to end by 31 July 2021. If you are still having problems making your mortgage payments, please read the information below about how we may be able to provide you with continued support. You can also call us to discuss options that, depending on your circumstances, may be available to support you.
If you took a payment holiday because of Coronavirus you may find the information below useful.
|Reminder – How did the payment holiday work? How did it impact my account?
During the payment holiday you deferred some or all of your monthly mortgage payments for a set amount of time. Interest continued to accrue and be charged to your account, which means that, unless you have taken action to repay the deferred payments and interest since the end of your payment holiday, your outstanding balance has increased.
Where you have a capital repayment mortgage, in most cases we expect that the interest accrued during the payment holiday and the deferred capital repayments, will be paid by spreading them over your remaining term. Where you have an interest-only mortgage, in most cases we would expect that the interest accrued during the payment holiday will be added to the balance you owe at the end of the term. With a part and part mortgage, we would expect these treatments to be applied to the relevant parts of your mortgage.
In all these scenarios, you will be paying interest on an increased balance and as a result, your monthly payments since the end of the payment holiday will have increased. You will also pay a greater total amount of interest over the term of the mortgage.
What if I am still struggling to make payments?
If you can’t make your full mortgage payments, we’ll need you to provide income and expenditure information so that we can assess your circumstances and how we may be able to provide you with continued support. You can provide us with your information online here. If you haven’t used this service before, you’ll need to register to log in to provide your information securely. If you’ve used this service before, please use your existing log in details.
You may find it useful to have your bank statements, wage slips and utility bills to hand to help you to provide accurate information. We’ll need details of your current net income (after any deductions like tax or National Insurance), your expenditure and any other debts you have.
Please note – if you have more than one mortgage with us, our online income and expenditure tool may not be suitable for you as it currently works on an individual account level and does not apply where you have a portfolio of properties.
If you prefer you can call us to provide your income and expenditure details over the phone instead.
Where can I find help with budgeting and finances?
MoneyHelper (formerly the Money Advice Service) has developed a Money Navigator tool, designed to help people whose finances have been impacted by coronavirus (COVID-19), such as those facing redundancy, self-employed or freelance workers whose income has been affected and people who have experienced a temporary drop in their income.
The tool will also help users find support from other organisations such as National Debtline, Citizens Advice, PayPlan, StepChange and others.
You can also find out what services are available across the UK, including what face to face support is available in your local area using the Debt Advice Locator tool, designed by MoneyHelper.
The StepChange debt charity has also published a reduced income guide to help people with a reduced income to deal with their finances, such as making arrangements with creditors. We recommend you read this and take any action you need to sooner rather than later.
See our ‘Help with Financial Difficulties‘ page for details of other independent not-for-profit organisations, including Citizens Advice and MoneyHelper, for further guidance on money, debt, housing and employment.
Do I have option for paying back the deferred payments?
What happened to my credit file?
If your account was up to date at the start of your payment holiday, then your credit file will continue to reflect this status, as long as you have kept up with your monthly payments since the end of your payment holiday.
If you were in arrears at the start of your payment holiday, then your credit file will have continued to reflect the same arrears status during the payment holiday as immediately prior to it.
Repaying pre-existing arrears
If you are not in a position to clear the arrears in full, but are able to pay your full monthly payment as well as making monthly contributions towards them, then we can consider a payment arrangement with you that takes account of your circumstances. We will need to update your income and expenditure information so that we can assess your circumstances to provide you with continued support.
You can also provide us with your information online here. This facility is available 24 hours a day, 7 days a week. If you have not used this facility before then you will need to follow a simple process to register and login before you can provide us with your information. After you have provided details of your income and expenditure we will contact you to discuss a payment arrangement with you.
Please note – if you have more than one mortgage with us, our online income and expenditure tool may not be suitable for you as it currently works on an individual account level and does not apply where you have a portfolio of properties
You can also call us to provide your details or if you would like to speak to us about your circumstances and options.
Further information that may be of use to you if you are impacted by the coronavirus at this time.
|Help with payment difficulties
Please see our main Help with payment difficulties page for help and support.
The StepChange debt charity has published a reduced income guide on their website that aims to help people deal with a reduced income due to the coronavirus.
Other ways to make your monthly payment
Getting a third party to help you manage your account
Please note: If you wish the nominated third party to act for you and other borrowers named on the account, they will be required to sign the form also. In addition, please ask your nominated third party to complete their details and provide a signature in the relevant sections of the form.
Where the nominated third party is an individual their signature confirms they have received a copy of our Privacy Notice which can be accessed here. Please ensure they receive a copy of this or notify them where this can be accessed.
To enable a third party to obtain information and/or make payments on your behalf to your mortgage account with us, please complete and sign the Third Party Authority form and return it to:
Zephyr Homeloans, Gateway House, Gargrave Road, Skipton, BD23 2HL
CORONAVIRUS AND YOUR 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.
It is estimated that 95% of domestic abuse victims also experience economic abuse. If someone else is controlling your finances or stopping you from controlling your finances, the charity Surviving Economic Abuse has also provided additional guidance and support on their website.
Be aware of scams
More information about the Covid-19 virus
Please note: the above content includes links to websites operated by external third party organisations and, as we do not have any control over the content of these external websites, we cannot accept any responsibility or liability in respect of the material provided to you on such websites.