22 May 2020

Coming Soon: Our Home Support Package

If you’ve been financially affected by coronavirus, we want to do all we can to help you keep a roof over your head, whether you own your home or rent.

We’re already offering our mortgage members up to three months’ mortgage payment holidays. But we understand that the impact of coronavirus could be felt long after that.

So we welcome the fact that our regulators are starting to set out how the financial services sector can best support those who continue to be impacted financially.

For our part, we’re putting together a 5 point Home Support Package to help you through this time. We may adapt it as we go if the official guidance changes.

You don’t need to do anything at the moment. No need to contact us.

If you’re currently on a mortgage payment holiday, we’ll contact you once our new online home support hub is up and running and you’re able to ask for this help. We’ll also update our coronavirus mortgage support page when the hub is ready to use.

Our 5 point Home Support Package

If you have a Nationwide mortgage on your home and you’re experiencing financial difficulty, here’s what you’ll be able to access on our home support hub to help you get your finances back on track.

Either:

1. Flexibility in the way you repay your mortgage, such as making reduced payments for a time, if that’s appropriate for you. We’ll provide you with a solution for your needs based on what you tell us about your circumstances. And we’ll help you understand the longer term impact on your mortgage.

Or:

2. The option to take out a new mortgage payment break – up to 3 months – on top of any payment support you may have already received. Just bear in mind that a payment break will increase the amount you owe and interest will continue to be added to your mortgage.

Plus, whatever happens

3. If you’ve fallen into arrears because of the financial impact of coronavirus and so long as you stay in touch and keep working with us to help get your mortgage back on track, we will not take any action to repossess your home until 31 May 2021. By then we hope your circumstances will have changed.

And we’re not forgetting those who rent

4. We’ll encourage landlords to pass on payment breaks to tenants. We’re contacting landlords who have a mortgage with our dedicated buy to let lender, The Mortgage Works, to let them know we can help if their tenants are struggling with their rent because of coronavirus.

5. We’ll provide more housing advice and support. We have a longstanding partnership with Shelter and right now we believe everyone needs to work together. So, we’re going to provide the charity with extra funding that will pay for more people to take calls on their helplines. We will also support the introduction of new Shelter community engagement officers, who will provide community outreach for those people who struggle to access support.

There’ll be more information to follow soon. For now, you don’t need to do anything. No need to contact us.

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