Please read the below information before applying for a mortgage holiday.
Interest will continue to build at your usual interest rate during the payment holiday, and you will also have to pay the repayments you missed.
This means your total mortgage balance will be higher and you will pay more interest than if you had not taken out a holiday. For this reason, you should only take a mortgage holiday if you really need one.
Following your mortgage holiday, we'll need to recalculate your monthly repayments, and they may be higher than they were before your payment holiday.
For an estimate of how much your payments may increase by, try using this payment holiday calculator from MoneySuperMarket.
If you're unable to afford the increased payments, please fill in a contact form on our contact page and our mortgage team will be in touch to help.
The form below is for new payment holiday requests. You can use this form if:
If you are already on a payment holiday, we will write to you at the end of your payment holiday period outlining your next steps. Please wait for this letter before contacting us.
If you have already taken a 6 month payment holiday but need further support, please call us on 01633 844 370.
Support is available for borrowers whose mortgage:
As standard, we will reduce or defer your payments for 3 months, after which we will contact you to discuss your options repaying the shortfall.
Please note that you can only defer a maximum of 6 mortgage payments in total. The 6 months do not have to be consecutive.
This means that if you have previously taken a 4 month payment holiday, and you are applying for another payment holiday, your payment holiday will end after 2 months this time, and you will not be able to extend it.
Option 1 - Reduced payments
If you cannot make your full mortgage payments due to the impacts of COVID-19, but you would be able to pay a lesser amount, you can apply for reduced payments. This may involve not paying some of your capital and/or interest over the three month period, depending on how much your payments are reduced by. If you wish to reduce your payments to the equivalent of interest only, please let us know in the description box of the form below.
Option 2 - Payment holiday (deferment)
This means you will not make a payment for the three month period. During this time interest on your mortgage will continue to accrue.
To assess which option is most suitable for you we ask that you consider the following:
Whichever option you choose, you can resume your normal payments early if your circumstances change, all you need to do is call us.
We aim to review your application for mortgage payment support and inform you of the outcome within 3 working days, but this could take slightly longer due to the unprecedented demand. If your application is successful, we will provide you with documentation outlining your payment schedule.
Due to the amount of time required to process your application and cancel Direct Debits, please be aware that if your next mortgage payment is due within 10 days of submitting this form, this payment will be taken as normal. Any support given will apply from the following month's payment.
If your next mortgage payment is due within 10 days and you cannot afford to pay, please call our Mortgage Support Team on 01633 844 370.
Once you submit the form you will receive an email confirmation, if you have received this confirmation (check your junk if not) please be assured that we have received your application and we will get back to you as soon as we possibly can.
Thank you for your patience and understanding, we recognise that this is a stressful and worrying time for many of our members. Please be assured that we'll do our best to support you at this difficult time.