What to do if you are worried about paying your mortgage
The government recently announced a further extension of the payment holiday scheme into 2021 - they have been specific about the qualification for these payment holidays (payment deferrals) the details are listed below:
- If you have not yet had a payment holiday you may ask for one, but must do so before February 28th 2021 and this must start no later than 31st March 2021
- If you have already had a payment holiday for 3 months you may apply for a further payment holiday for 3 months, but the same deadlines as (1) above apply
- All payment holidays MUST cease by July 31st 2021
- Your credit file will not be impacted during an agreed payment holiday
- If you have had a 6 month payment holiday already, then you are unable to apply for a further payment holiday, but the Society can still assist you and we have a range of tailored support – please contact us on 01494 879500 and speak to our Mortgage Services Manager who will talk you through the solutions available . Please note that you may need to provide proof of income and expenditure to help us to help you.
To set up a payment holiday please call us on 01494 879500.
It is important to understand that you will need to make up the payments later in your mortgage term, and that your monthly payment may go up and you will pay more interest overall. Before the end of your payment holiday, we will contact you to discuss your options for paying back the missed payments and the cost of doing this. If you are worried about paying back these payments, or re-starting payment after your payment holiday we will work with you to find a solution that is best for you.
You can find out more on the FCA website here.