We are doing what we can to help our mortgage members who have been financially impacted by coronavirus. There are a number of options available to you, such as reducing your monthly mortgage payments, or taking a payment deferral.
A payment deferral means agreeing to a temporary reduction in your monthly mortgage payments. You can avail of a maximum of 6 months payment deferrals, if you have been financially impacted by coronavirus.
If you are struggling to keep up with your mortgage payments due to coronavirus, you can initially apply for a 3 month payment deferral.
We will work with you to find a solution that is suitable for your individual needs.
At the end of this initial period, you can then apply for up to a further 3 months if you still need support.
Things to note
It’s important to note that if you take a payment deferral, you still owe that money and the interest on your mortgage still accrues during the deferral period.
Taking a payment deferral or temporary arrangement won’t affect your credit rating, however mortgage providers may look at other information (for example, bank account information) when they decide whether to lend to you in the future.
If you are able to keep paying your mortgage, you should. It’s in your best interest to at least pay some of your mortgage if you can, as this will reduce the amount of your total repayments in the long run.
How to apply for a temporary arrangement/payment deferral
You must have the consent of everyone named on the mortgage (E.g. you and your partner) before applying.
To apply, please contact us using one of the following options:
The application window for a payment deferral will remain open until 31 March 2021 and all payment deferrals must end by 31 July 2021.
If you are coming to the end of your first payment deferral/temporary arrangement
If you are coming to the end of your first payment deferral/temporary arrangement period, you will receive a letter from us advising you of what will happen next. If you think you will continue to experience payment difficulties, you will need to fill out an Income and Expenditure form, you can find the form here.
If you still require support after 6 months
You can only avail of a payment deferral for 6 months.
When your payment deferral period is coming to an end, you will receive a letter from us advising you of what will happen next. If you think you will continue to experience payment difficulties at the end of the 6 month period, please contact our mortgage support team via email (firstname.lastname@example.org) where we will do what we can to help.
In your email, please include:
Please do not include any other personal details in the email.
Further support and guidance are available on our Financial Difficulties page.
The following are some of the organisations you can contact for free, confidential and impartial debt advice:
You may also find helpful information on the Financial Conduct Authority website.