Mortgage payment holiday
If your income is temporarily affected by coronavirus and you know you are not going to be able to make your monthly mortgage payments, we could offer you a mortgage payment holiday up to 3 months at a time, for a maximum of 6 months in total.
If your income is temporarily affected but you are still able to make some of your monthly mortgage payments it's important that you do so, as this will reduce your outstanding mortgage balance and you’ll pay less interest over the lifetime of your mortgage compared to not paying any of your mortgage payments.
- To make a reduced payment you’ll need to apply for a mortgage payment holiday up to 3 months. You can apply for a new payment holiday of up to 3 months at a time, for a maximum of 6 months in total.
- You can send payments through Manage my mortgage based on what you can afford during the holiday period.
If your income is temporarily affected and you can't afford to make your next mortgage payment, you can apply for a new payment holiday up to 3 months at a time, for a maximum of 6 months in total.
Even if you can afford a small amount, you should consider making reduced payments to help reduce what you’ll pay overall.
Is your existing mortgage payment holiday coming to an end?
Before your payment holiday ends we'll send you a letter detailing your current balance, your new monthly payment amount and your next payment due date.
Your new mortgage payments will start again on your normal payment date. If you need additional support, please visit our dedicated page to find out more about your options.
Before you apply for a payment holiday you should ensure that you are fully aware of the impact on your mortgage.
- During your payment holiday, interest will continue to accrue which means you’ll pay back more over the full term of the mortgage.
- When your payment holiday ends, your monthly payments will increase. We will provide you an estimate of these prior to commencing the payment holiday.
- The term of your mortgage will not change.
- A payment holiday will not have any negative impact towards your credit rating, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.
- By requesting a payment holiday you are acting on behalf of all parties named on the mortgage.
- By taking a payment holiday you will pay more over the lifetime of your mortgage. If you can afford to make some or all your mortgage payments, it's important that you do so as this will help reduce what you'll pay overall. You can do this at any time during the payment holiday.
See our illustrative examples demonstrating the impact on monthly payments when taking a 3-month payment holiday. You can apply for a new payment holiday of up to 3 months at a time, for a maximum of 6 months in total.