18 June 2020
- Partial or full mortgage breaks available from today for those still impacted by Covid-19
- Payment breaks come as part of Nationwide's Home Support Package announced in May
- Members coming to the end of an initial payment break will be contacted by the Society
- Sits alongside Society's move to not repossess any home hit by Covid-19 until May 2021
Nationwide Building Society will from today be offering those still facing financial difficulties due to Covid-19 additional mortgage payment breaks as part of a wider commitment to help people keep their homes.
Britain's biggest building society is offering new three-month mortgage payment breaks as well as providing the option to make partial payments towards a mortgage.
The payment breaks come as part of the Society's Home Support Package, which it announced in May. It builds on the Society's payment support during the outbreak and shows that, like all building societies, Nationwide is focused on helping keep people in their homes.
Members financially impacted as a result of the outbreak will be taken through an online journey to select and self-serve from a range of options relevant to their own situation. Those requiring further support will be able to speak to someone who can support them through the process and assess their individual needs.
Members already receiving payment support will be contacted prior to it ending and directed online if they require further support due to ongoing financial difficulties as a result of Covid-19. All payment breaks will continue to accrue interest although, in line with guidance from the Financial Conduct Authority, these will not be reported on members' credit files. Everyone applying for further mortgage support will be directed to a payment calculator to ensure that they're able to assess the future impact of payment breaks on their mortgage before proceeding.
Alongside these measures and forming part of the Home Support Package, no Nationwide mortgage member falling into arrears as a result of Covid-19 will lose their home until the end of May 2021 if they work with the Society to get their finances back on track.
Additional measures coming before the end of June include extending mortgage payment breaks to the Society's Buy-to-Let landlords. The Society is encouraging landlords to apply for the breaks if their tenants are struggling to pay rent due to Covid-19, and where possible to pass on the benefit.
Nationwide is also enhancing the support it provides charity partner Shelter. Additional funding is being used to fund more advisers for its Helpline and HelplinePlus services, providing specialist advice to those with housing, debt and welfare issues. The Society is additionally supporting the introduction of new Shelter community engagement officers to help those struggling to access support.
Henry Jordan, Nationwide's Director of Mortgages said: "Many people are still experiencing financial difficulties as a result of the outbreak and we want to support where we can. While we would always encourage people to pay what they can, there are cases where this is just not possible. For those who continue to be financially impacted as a result of Coid-19, we are here to support them.
"Our Home Support Package is designed to help our members keep their homes. The unknown timeframe of how long this impact will last has led us to halting repossessions linked to Covid-19 until the end of May 2021 to give our members as much reassurance as we can. All that we ask is that our members continue to engage with us so that we can agree with them the best way to help them."