Mortgage Holiday Update – COVID-19. Part 2
Here is the latest (19/3/2020) we have from lenders regarding mortgage payment holidays for borrowers affected by COVID-19. Lenders from A to M in the alphabet will be on a separate post.
You can apply for a mortgage payment holiday if:
Your finances have been affected by Coronavirus. You’re up-to-date with your monthly mortgage payments (if you’re already behind on your mortgage payments, our Money Worries page can help). You have consent from everyone named on the mortgage. It’s important to remember that a mortgage holiday is a temporary break from your mortgage payments, to help you through these uncertain times. Where we can, we’ll start your payment holiday from your next payment. However, if your next payment is due in the next few days, your payment holiday may start the following month. We’ll confirm the details when we write to you confirming your payment holiday. This will be within 5-7 working days of you submitting your application. Follow the below link to apply for a Mortgage Payment Holiday – https://portal.nationet.com/Forms/Bespoke/Mortgages/PaymentHoliday
We know you may be worried about being impacted financially due to coronavirus (COVID-19), and we want to support you. We have put a range of measures in place to help support you if you’re experiencing financial difficulties as a result of the outbreak:
01 – Payment holidays on Mortgages, and Loan deferral for up to three months
02 – Early closure of fixed savings accounts to access cash with no early closure charge
03 – Refunds on request for credit card cash advance fees, where you’ve needed to access cash in an emergency
04 – You can apply for an increased credit card limit
05 – You can request an increase in your Debit Card cash withdrawal limit of up to £500
If you’ve been affected by Coronavirus, due to illness, self-isolation or any other factor, and are worried about future payments, there are ways we can help. Here are some of the support options available for mortgage customers;
- Change the way you make your payments, or the date you pay them on
- Agree on reduced payments for a period
- Arrange a new payment plan to help you through this difficult period
- Look to increase your mortgage term to a longer period of time (reducing your monthly payments).
If you are experiencing serious financial difficulty because of coronavirus, our customer support team will go through your individual circumstances and discuss the best options to help. It may be that includes the above measures or alternatively, a mortgage holiday of up to three months, as outlined in the Chancellor’s statement on 17th March 2020. Please contact the customer support team on email@example.com and request a call back or by post to:
Nottingham Building Society
3 Fulforth Street
During this difficult time, it’s important to stress we understand and appreciate the impact coronavirus may have on our customers’ finances. We have a full range of tools available to support customers experiencing financial difficulty and our key focus is always to support people and businesses through periods of financial stress. We always encourage customers who are experiencing difficulties to contact us as soon as possible so that we can discuss the support that is available to them. We continue to review the situation so we can provide the most appropriate support to our customers, partners and employees.
If you are worried about making repayments on your mortgage as a result of the coronavirus outbreak, please get in touch to discuss the best option for you. We are working quickly to ensure we can offer the right support, including mortgage payment holidays, to those impacted.
If you have a Co-operative Bank or Britannia mortgage, call us on 08000 288 288 and press option 1, and then option 5. Lines are open Monday to Friday 8am to 6pm, and Saturday 8am to 1pm. Call charges
If you have a Platform mortgage, call us on 01752 236 550 and press option 2, then option 1, then option 1. Lines are open Monday to Friday 8:30am to 5:30pm. Call charges
We are currently receiving more calls than usual and we apologise for any wait times you may experience. We’re doing everything we can to answer as many calls as possible.
Mortgage update – The UK Government announced that mortgage lenders will support customers who are experiencing issues with their finances as a result of COVID-19. If you’re worried about what this might mean for your mortgage payments, we can explore a range of options with customers not already in arrears and up to date with payments, including up to three months mortgage holiday.
Saffron Building Society
We are offering our mortgage customers a repayment review, on a case-by-case basis, to those who have been directly affected by Coronavirus.
If you have a mortgage with us and have been directly affected by Coronavirus and could potentially find yourself in financial difficulty, we encourage you to contact us as and we will offer as much support as we can and provide payment relief where possible. You can contact us by calling 0800 072 1100 and selecting option 2 then 2.
If you’ve been financially impacted by the Coronavirus call us on 0800 023 4603. Our dedicated team will look at your situation and explore ways to support you depending on your specific circumstances. This includes the option to defer or reduce your mortgage repayments.
Skipton Building Society
If you are concerned about making repayments on any residential or buy to let property as a result of the current situation, we’re here to support you. We’ve set up a dedicated email PaymentHolidayRequests@skipton.co.uk for customers to contact us and request a call back. Please ensure that you provide your mortgage account number and the best number for us to contact you on. This means you won’t have to wait in a queue. Once you’ve requested a call back, we’ll be in touch as soon as we can to discuss your individual circumstances, which could include the option of providing a mortgage payment holiday of up to 3 months.
In the meantime, leave your Direct Debit in place if you have sufficient funds to cover your regular monthly payment. You can also make a payment by bank transfer using our bank details, which you can find here. First and foremost, we’re here to support you, but please remember our people are also affected by the current situation, so we thank you for your patience and understanding during this unprecedented time.
Stafford Railway Building Society
We would like to reassure members that all our services are available. If you have any concerns about your savings or mortgage accounts, please contact us on 01785 223212 and we will be happy to help.
Tipton & Coseley Building Society
While everyone will have individual needs and challenges, one of the ways we may be supporting members over the short term will include Payment holidays on mortgages, allowing a period of flexibility. We’ll listen to your situation and work with you to look at what steps we can put in place, we’re here to help.
Customers with a TSB mortgage may apply for a repayment holiday for up to three months. Please contact us to arrange this. An online application form will be available soon. This shouldn’t impact your credit score.
Repayment holidays are subject to approval. If you take a repayment holiday, you will pay more interest overall.
We encourage any of our customers who are experiencing financial difficulties to get in touch with us as early as possible. We would be happy to discuss your situation and how we can help. We can consider a range of options to help our customers including payment holidays and term extensions.
Call: 01404 813050
11 Silver Street
Ottery St Mary
Exeter, EX11 1DB