Coronavirus: helping our mortgage members

There are a number of options available which may make your monthly payments more affordable at this time, or you can apply for a pause on payments.

We’re also introducing our Home Support Package over the coming weeks to provide additional support to help our mortgage members get back on track with payments.

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

If you know you'll struggle to make your monthly mortgage payments because of coronavirus, we can help by offering members a 3-month payment holiday - a temporary break from paying your mortgage.

Before taking a payment holiday, it’s important to note that interest will continue to build at your usual interest rate during the holiday. This means the total amount of interest you pay over the term of your mortgage will increase.

You might be able to switch your mortgage deal to reduce monthly payments.

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 holidays, a term change will increase the amount of interest you have to repay overall.

We understand that the impact of coronavirus could be felt for some time, and you may need continued support beyond a 3-month payment holiday. So we’re building a Home Support Package to provide additional help.

As part of this package, a number of options will be available to you, to help you with your mortgage payments. These will include:

Flexibility in the way you repay your mortgage, such as making reduced payments for a time.

The option to take out a mortgage payment break of 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, as interest will continue to be added to your mortgage during the break.

We’ll make sure you get the information and support you need to choose the right option and timeframe for your circumstances. And we’ll help you understand the longer term impact on your mortgage.

For now, there’s nothing you need to do. No need to contact us.

We’ll be in touch towards the end of your payment holiday to advise you on your options and support you in getting back on track with your mortgage payments. We’ll be updating this page with more information so keep checking back.

As part of our home support package, we’re promising not to take any action to repossess your home if you've fallen into arrears because of the financial impact of coronavirus until 31 May 2021. You’ll just need to stay in touch and keep working with us to help get your mortgage back on track.