Service Times arr-up
Service Times Close arr-up arr-down

Our service and turnaround times

Figures accurate as of 11th May 2020
Dips Reviewed

Dips Reviewed

within 24 hours

Applications Reviewed

Applications Reviewed

within 72 hours

Documents Assessed

Documents Assessed

within 72 hours

Valuations Assessed

Valuations Assessed

within 72 hours

Telephone average wait time

Telephone average wait time

34 seconds

CORONAVIRUS CUSTOMER HUB

PLEASE NOTE: CONTENT ACCURATE AS OF 29/05/20

* Our regulator, the Financial Conduct Authority (FCA), is reviewing its guidance to mortgage lenders on how best to support those customers whose finances are, or are likely to be, affected by coronavirus. We expect further guidance to be issued by the FCA very soon and we will provide further details as soon as they are available. In the meantime, please be assured that our support team remains available to discuss a range of support options, including an initial payment holiday of up to 3 months, in line with the current guidance, and for those customers who have already taken a payment holiday, we will be in touch before the end of your current arrangement to discuss the options available to you.

  • Frequently asked questions

If your household income has not been impacted or you have funds available to make payments, this may not be the right option for you.  Before requesting a payment holiday, you should consider all potential implications – see the frequently answered questions below.

We may agree to you not making mortgage payments for an agreed period of time (up to 3 months) but only where this is the right option for your circumstances.  These payments will not be recorded as missed payments or arrears.  You will still owe these payments and interest will continue to accrue while these remain unpaid.

During this time, interest will still be added to your mortgage balance, so the overall cost of your mortgage will increase.  See below for an illustration* of how much this can impact the cost of your mortgage.

Mortgage balance at start of payment holiday £100,000 £300,000 £100,000 £300,000
Remaining Mortgage term (years) 20 20 30 30
Current Interest rate 5.04% 5.04% 5.04% 5.04%
Monthly payment before payment holiday £662 £1,987 £539 £1,618
Monthly payment after payment holiday £675 £2,026 £548 £1,644
Increase to monthly payments £13 £40 £9 £26
Increase to the total amount payable over the remaining term £1,151 £3,454 £1,506 £4,514

* These examples are based on a capital repayment mortgage and a 3-month payment holiday.  The actual increase in your payment will depend on your mortgage balance, your remaining mortgage term and your interest rate.

It is important that all parties to the mortgage are aware of any support options we put in place. Before contacting us to discuss how we can help, please ensure you discuss this with everyone else named on the mortgage.

Please contact us on 0344 257 0427 and our team will review your account and your current situation to find the best solution for you.

Cancelling your direct debit is not a payment holiday and will be counted as a missed payment if it has not been agreed with us – please contact us on 0344 257 0427.

If you are already in arrears, please contact us on 0344 257 0427 and our team will review your account and your current situation to find the best solution for you.

We may be able to offer a payment holiday without any evidence to show how you have been impacted, but it will be necessary for us to ask questions to ensure that a payment holiday is the most suitable option for you.

Under the current government guidelines, we will not report this as missed payments or arrears.  If your account was already in arrears at the time of the payment holiday, your account will continue to be reported in arrears with the Credit Reference Agencies.

Yes, if you give our team a call on 0344 257 0427, we will be able to talk you through the process.

Before we agree to a payment holiday, we will consider if this is the best support option for you.  If your household income has not been impacted or you have funds available to make payments you should continue to do so.

At the end of your payment holiday, we will review your financial circumstances to agree the best option for you. As an example, this may include one of the following ;

  1. Arrange to pay increased payments until you have caught up
    We can agree that you increase your current mortgage payment, over a period of time less than your mortgage term. The amount of the increase and period over which you repay this will depend on your individual circumstances.
  2. Capitalise the Payment Holiday/s and make additional payments
    This means we collect the outstanding payments and interest over the remaining term of your mortgage and you can also make additional payments each month which would increase your monthly payment but will limit the amount of additional interest you pay and limit the additional overall costs of your mortgage.
  1. Other We may agree to Capitalise the payments holiday/s  (collect the outstanding payments and interest over the remaining term of your mortgage however this will mean that your monthly payment and the overall cost or your mortgage will increase), or we may consider extending the term of the mortgage .

For free and impartial money advice, visit the money advice service website, for free and impartial advice set up by the government: www.moneyadviceservice.org.uk.

We can offer the same options for buy to let landlords whose tenants have been impacted by COVID-19, however we expect the benefit of any relief to be passed on to tenants to ensure they are supported.

Mortgage Balance at start of payment holiday £100,000 £300,000 £100,000 £300,000
Remaining Mortgage term (years) 20 20 30 30
Current Interest rate 5.54% 5.54% 5.54% 5.54%
Monthly payment before payment holiday £462 £1,385 £462 £1,385
Monthly payment after payment holiday £468 £1,404 £468 £1,404
Additional Capital Repayable at end of Mortgage Term £1,384 £4,151 £1,384 £4,151
Increase to the total amount payable over remaining term. £1,513 £4,540 £2,280 £6,840

These examples are based on an Interest Only mortgage and a 3-month payment holiday. The actual increase in your payment will depend on your mortgage balance, your remaining mortgage term and your interest rate.

It is important that all parties to the mortgage are aware of any support options we put in place. Before contacting us to discuss how we can help, please ensure you discuss this with everyone else named on the mortgage.

You can find a copy of the payment holiday agreement on the Documents Download section of our website, this is here.

Please contact us on 0344 257 0427 and our team will review your account and your current situation to find the best solution for you.

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