There are a number of options available – whether you’ve already taken a mortgage payment holiday or not – to help you with your mortgage payments.

Your options

Make an underpayment

If you have an overpayment reserve on your mortgage, underpaying is an option that might help you at this time.

Switch your deal

If you can still make your mortgage payments, but your finances are tight right now, switching your deal - if eligible - might be a good way to reduce your monthly payments, to help take the pressure off a bit.

Apply for a mortgage payment break

If you’re not able to make your mortgage payments, you can apply for a mortgage payment break for up to three months. This is in addition to any payment support, such as a mortgage payment holiday, that you may have already received.

Keep in mind, if you take a payment break, interest will continue to build at your usual interest rate. This means the total amount of interest you pay over the term of your mortgage will increase.

Change your mortgage term

Extending your mortgage term is one way to help reduce your monthly payments. However, this is a long term solution, so should only be considered if your financial situation is stable.

If your income has permanently changed, for instance, this may be a suitable option for you.

As with payment breaks, a term change will increase the amount of interest you have to repay overall.

If you have Mortgage Payment Protection Insurance (MPPI)

Help with your Nationwide Mortgage Payment Protection Insurance (MPPI) is available, you can apply for support for three months with paying your premiums.

Our commitment to mortgage members

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 which time we sincerely hope your circumstances will have changed.