Our Society was founded on the principal of helping people put a roof over their head and we remain committed to supporting mortgage customers throughout the pandemic and beyond.
If you’re struggling with mortgage payments
If you have been financially impacted by coronavirus, we can offer you a temporary break by deferring your mortgage payments for three months. If you wish to proceed with a new payment deferral request:
- Complete the declaration form on this page
- We will then send you some information about the impact of deferring payments to help you to decide if it is right for you.
- In the meantime please do not cancel your Direct Debit or other payment method as any payments missed outside of an agreed deferral period will be classed as arrears
- Once you confirm you are happy to continue we will put it in place.
Where a mortgage is in joint names
If you hold a mortgage with one or more other people we ask the requesting borrower to confirm that, in requesting a payment deferral, they are acting on behalf of all borrowers on the mortgage. We are not required to check this and will take this declaration in good faith. If any of the parties on the mortgage later disputes their authority to put a payment deferral in place we will ask them to commit to making the missed mortgage payments to avoid any adverse effect on the credit files of all the parties on the mortgage. If the disputing party cannot, or will not, commit to maintaining the mortgage payments the concession will remain in place to avoid any detriment to the other party.
If you’re already deferring payments/taking a 'payment holiday’
We will contact you before your next mortgage payment is due to let you know what options are available to repay the payments you have missed.
If you have already deferred your mortgage payments for the maximum period of six months we may be able to offer support in other ways if you are still affected by coronavirus.
What are other options to help me?
- If you are in credit with your mortgage, you may be able to reduce your payments for a period
- You may be able to change the way you make your payments or the date you pay
- We may agree to accept reduced payments for a short period of time.
- You may be able to switch to a different product
- You could look to increase the term of your mortgage to reduce your monthly repayment amount.
If you are experiencing wider financial difficulties due to coronavirus, there is a multitude of resources and support available through The Money Advice Service.
Key information on payment deferrals
Although we are not asking you to make any payments during the agreed period, you will still owe this amount. The deferred payment amounts will be included in the total mortgage balance and interest will continue to be charged, which means that your mortgage balance will increase.
During the deferral period, no arrears charges will be added to your account and we will ensure that your credit file is not adversely affected by deferring these payments.
Ensure you have read this information fully and that you keep a copy for future reference (download copy).
- If you have a Direct Debit in place, we will not collect any payments during the deferral period so please do not cancel your Direct Debit.
- If you pay by standing order you will need to stop this yourself by contacting your bank.
You can resume mortgage payments, either partially or in full, at any time during the payment deferral to limit the impact on your mortgage balance and payments in the future please let us know by calling our payment support team on 0344 481 0030.
At the end of the payment deferral you can repay the deferred payments over the remaining term of the mortgage which will mean that your mortgage payment will be recalculated and the new monthly payment will be higher than it was before the payment deferral. We are in the process of communicating with those already deferring payments to advise what your new monthly payment will be. Alternatively there are other options available to you:
- You can repay the missed payments as a lump sum. Your monthly payments will remain the same
- Spread repayment over a short period of time
- Extend your mortgage term
- Contact us to discuss other payment support options.
If you are unable to make your mortgage payments at the moment we have committed to not enforcing any possession action leading to eviction before 31st January 2021. However, if you do not contact us to discuss your circumstances and agree a plan to get your mortgage payments back on track we may start repossession proceedings, or continue any existing possession proceedings up to, and including obtaining a possession order. If you are worried about not being able to make your mortgage payments please call our payment support team on 0344 481 0030.
You can find out more information here from the Building Societies Association about support for mortgage customers during COVID-19. You can also visit the Money Advice Service and use their mortgage deferral payment calculator to find out what a payment deferral will mean for your monthly payment at the end of the period.
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