Coronavirus and mortgage payment holidays – what help can home owners get?

Deal editor8
Posted 19th Mar
In guidance issued on Tuesday 17 March, the chancellor Rishi Sunak, stated that in order to help homeowners stay on top of mortgage repayments during the Coronavirus outbreak there would be ‘three-month mortgage holiday’.

The banks and lenders to which these repayments are owed have now revealed how this ‘holiday’ will be implemented. According to The Guardian, the trade body for the major banks, UK Finance, has set out how households can apply for the breaks.

Homeowners experiencing financial difficulty related to Coronavirus should first of all contact their main mortgage lender to discuss revised payment arrangements.

Although there will be a fast-track system in place, not every household will be eligible to apply or be granted a payment holiday. From the Guardian: “The banks said they remain obliged under Financial Conduct Authority rules to ensure that any “forbearance” will still assume an eventual full repayment of arrears.”

This means that any interest on the repayments will be paid later, so this is not ‘free money’ — if your bank grants you a holiday, the interest will be divided between the remainder of your repayments. This could have lasting effects on future repayments, so make sure you are able to repay the higher amount after the three months holiday has passed.

It is possible that some banks and lenders would consider extending your mortgage term to allow for these extra repayments, but these cases will work on an individual basis so it is worth checking with your mortgage provider.

Each mortgage provider and lender will have different advice in place, so it is crucial that you get in touch with your own. But for more general information on each lender and how they are helping throughout this crisis, please have a look through this site: mortgageintroducer.com/lat…ays

This is the list from the above website in full



Accord Buy to Let
We can offer a variety of solutions to customers who are worried about meeting their mortgage repayments, including payment holidays. We do need to make sure that solution we offer is right for the individual customer’s circumstances, so if you are having difficulties, please contact us on 0800 138 2403.

accordmortgages.com/ind…tml

Bank of Ireland
Bank of Ireland is committed to supporting customers through the COVID-19 pandemic. The bank has a range of supports in place including mortgage payment breaks of up to 3 months. The Bank will provide this option for customers who have owner occupier or buy-to-let mortgages, as well as personal loans and car finance.

The payment breaks offered by the bank will not affect customers’ credit files held by credit reference agencies. This support is also available to mortgages provided by Bank of Ireland UK through its partnership with the Post Office.

bankofirelanduk.com/mor…er/

Barclays
As a responsible lender, it is crucial that we offer the right support to our customers at this time. We have therefore decided to offer customers who are potentially facing financial difficulty, a number of options to support them through this time.

These include repayment holidays for up to 90 days. We encourage customers to get in contact with us at the earliest opportunity to discuss the most suitable solution. Existing mortgage customer should contact Barclays on: 0800 022 4022.

barclays.co.uk/mor…es/

Bath Building Society
At the moment we are speaking to customers on a cases by case basis. Customers should contact us directly if they are worried about their circumstances. Existing mortgage customers should contact Bath Building Society on: 01225 475719

bathbuildingsociety.co.uk/

Buckinghamshire Building Society
The Society is committed to supporting members in financial hardship through these difficult times and will absolutely commit to offering the three-month payment holiday facility. We are currently looking at how best we implement this operationally and how we communicate with our members.

We will be logging all requests and will come back to the member with confirmation as soon as possible. Existing mortgage customers should contact Buckinghamshire Building Society on: 01494 879517

bucksbs.co.uk/

Darlington Building Society
Yes we will support the three-month payment holiday with each request being considered on a case by case basis.

Anyone concerned will need to contact our financial support team as soon as they can by emailing customersupport@darlington.co.uk, titling their email “Payment Holiday” and quoting their name and 8 digit account number in the email.

Alternatively, Existing mortgage customers should contact Darlington on: 01325 366366.

darlington.co.uk/

Family Building Society
Customers can call our mortgage service team on 03330 140 146 to discuss all options.

familybuildingsociety.co.uk/

Hanley Economic Building Society
We will work with every borrower during these difficult times to support them through their mortgage payments. We have a range of forbearance measures including interest only and payment holidays, which will be discussed on a case by case basis with each borrower.

As always we urge borrowers to contact us as soon as possible in the event of difficulty to ensure the best solution is put in place. Existing mortgage customers should contact Hanley Economic on: 01782 255000.

thehanley.co.uk/

Hinckley & Rugby
Yes the society will allow a three-month payment holiday for anyone who is affected by COVID-19 as per the recent UK Finance guidelines. Please visit the Society’s website using this link to speak to us.

hrbs.co.uk/

Hodge Lifetime
For existing customers, if you are impacted financially by coronavirus (COVID-19) and have any concerns, please contact us and we will seek to offer help and advice with any queries you may have. Existing mortgage customers can contact Hodge on: 0800 731 4076.

hodgelifetime.co.uk/

Ipswich Building Society (UPDATED)
Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form (which will shortly be available) by post or by email to paymentqueries@ibs.co.uk (we suggest using secure email where possible). Agreed arrangements will not be reported to credit reference agencies.

Please note borrowers who are already in a payment shortfall or arrears will need to contact us in the first instance to discuss the options available.

To get in touch with our mortgage payments team please call us on 0330 123 0773 or email us at paymentqueries@ibs.co.uk. We are currently experiencing a high level of enquiries so please do bear with us and we will respond to you as soon as we can.

ibs.co.uk

Kensington
Rest assured that we will do what we can to help and are already working with customers to offer a whole range of solutions to meet their needs, including where appropriate, payment holidays. Existing mortgage customers can contact Kensington on: 0800 111020.

kensingtonmortgages.co.uk/

Kent Reliance
We have agreed to support customers who are facing difficulties, as a direct result of COVID-19. Customers will need to contact Kent Reliance to discuss on what basis they are experiencing difficulties.

We will then be able to explain the process and impact of a potential payment holiday, agreeing the right course of action to ensure we are working closely with our customers. Existing mortgage customers can contact Kent Reliance on: 0345 671 7274.

kentreliance.co.uk/mor…ges

Nationwide
We continue to support members affected by coronavirus on a case-by-case basis and that includes offering payments holidays where needed. These will not be registered as arrears on the credit file. Existing mortgage customers can contact Nationwide on: 03457 30 20 11.

nationwide.co.uk/

NatWest
We understand that there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus, for instance, loss of income.

We will look to understand each customer’s situation on a case-by-case basis and can offer a number of options to help them manage their finances. Existing mortgage customers can contact NatWest on: 0800 096 9527.

personal.natwest.com/per…tml

Newcastle Building Society
We are committed to support customers who experience difficulty with mortgage payments as a result of coronavirus. This includes payment holidays for a minimum of three months.

If you are concerned about your financial situation please get in touch with us at the earliest opportunity; we have a range of options that we can consider in order to provide the support you need.

You can email: mortgage.support@newcastle.co.uk or call our helpline number on: 0345 702 3083. Lines are open from 9am to 6pm Monday to Thursday, and 9am to 5pm on Fridays.

newcastle.co.uk

Precise Mortgages
Precise Mortgages has agreed to support customers who are facing difficulties as a direct result of COVID-19. Customers will need to contact Precise Mortgages to discuss on what basis they are experiencing difficulties.

Precise Mortgages will then be able to explain the process and impact of any potential payment holiday, agreeing the right course of action to ensure we are working closely with our customers.

precisemortgages.co.uk/

Saffron
Any Saffron customers directly affected should contact the customer services team as soon as they can, in confidence, on 0800 072 1100 and select option 2 then 2, or visit the Saffron Building Society website.

saffronbs.co.uk/

Santander
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.

santander.co.uk/

Stafford Railway Building Society
We will be speaking to credit reference agencies to ensure consistent treatment of those customers to whom a repayment holiday is made available. We recognise that these are unprecedented and difficult times for customers. This is why we are offering customers who are up to date with their mortgage payments and impacted by COVID-19 the ability to self-certify if they need help.

We will commit to help customers the best way for the individual, but an automatic payment holiday may not always be the most suitable approach and may not be required by all customers. Existing mortgage customers can contact Stafford Railway on: 01785 223212.

srbs.co.uk/

Teachers Building Society
Any customer experiencing financial difficulties should contact the Society on 0800 783 2367 to discuss both their personal situation and the options that may be available to them.

teachersbs.co.uk/

Tipton & Coseley
Yes, self-certification of their need for help (payment holiday) will be accepted as long as the customer is currently up to date with their mortgage payments.

Customers who prefer to go through a proper assessment to find a more suitable solution such as reduced monthly payments or interest-only, are encouraged to contact us directly to consider their situation on an individual basis.

Existing mortgage customers can contact The Tipton on: 0121 557 2551.

thetipton.co.uk/

Together
Yes, as per government policy we will grant a three-month payment holiday to anyone wanting to self-certify that they are impacted by COVID-19. No additional evidence or financial statement are required. Existing mortgage customers can contact Together on: 0333 455 2305.

togethermoney.com/




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The amount of people at work applying for this is stupid, they just see extra money for a few months lol...

this should be the last resort...
8 Comments
Let make it as hard as possibly and jump through hoops and red tape . (There should be a blanket one fix . Simple and straight forward ) but that's not how politics works . The rich will look after themselves
dezbo888819/03/2020 15:27

Let make it as hard as possibly and jump through hoops and red tape . …Let make it as hard as possibly and jump through hoops and red tape . (There should be a blanket one fix . Simple and straight forward ) but that's not how politics works . The rich will look after themselves


I'm pretty sure that this isn't politics but money lenders. If anything the politicians (curse them) have made this available for everyone, as much as I hate to say it. Each case will be different, which is why there is no 'blanket fix'.
The amount of people at work applying for this is stupid, they just see extra money for a few months lol...

this should be the last resort...
Bargainhead19/03/2020 15:36

The amount of people at work applying for this is stupid, they just see …The amount of people at work applying for this is stupid, they just see extra money for a few months lol...this should be the last resort...


They need to ensure their toilet rolls have somewhere safe
Akira_Cat19/03/2020 15:33

I'm pretty sure that this isn't politics but money lenders. If anything …I'm pretty sure that this isn't politics but money lenders. If anything the politicians (curse them) have made this available for everyone, as much as I hate to say it. Each case will be different, which is why there is no 'blanket fix'.


Why no just pay everyone 66%if their average wage . (Straight forward and simple blanket fix across the uk)
Bargainhead19/03/2020 15:36

The amount of people at work applying for this is stupid, they just see …The amount of people at work applying for this is stupid, they just see extra money for a few months lol...this should be the last resort...



I have seen people planning to spend this money on a "better" vacation. I had to remind them that the bill is still due but after 3 months. This is not money that has suddenly become available to spend. The level of financial illiteracy is shocking and I am surprised more is not done when in school. But the cynic in me says that having a dependent population helps politicians be seen as benevolent and builds the nanny state. Oh well...
Alot of people don't realise that when all this covid stuff is 'over' the government will need to claw back the money they have been spending etc. Taxes will go up across the board.
ncd19/03/2020 18:38

Alot of people don't realise that when all this covid stuff is 'over' the …Alot of people don't realise that when all this covid stuff is 'over' the government will need to claw back the money they have been spending etc. Taxes will go up across the board.



Correct like when the VAT went down to 10% and then up to 20% which it has stayed since.
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