Mortgage payment holidays
We’re only able to consider a request for a mortgage payment holiday if your mortgage has flexible features. Your original mortgage offer documents will have explained any flexible features applying to your mortgage.
Not all mortgages have flexible features, and if you’re not sure they apply to your mortgage, please contact us.
How a payment holiday works
If your mortgage has flexible features, you may be able to request a payment holiday for a maximum of three consecutive months. We won’t approve a request that includes the current month’s payment.
At the end of any payment holiday or period of making underpayments, we’ll recalculate your monthly payment. Interest will continue to be charged during the payment holiday and, because the total amount you owe will have increased, it’s likely that your monthly payments will also increase.
Before we approve a mortgage payment holiday request, we’ll need to check that the increased monthly payments will be affordable for you.
We won’t approve a request for a mortgage payment holiday if any of the following apply:
- Your account is in arrears or has been in arrears within the last 12 months.
- We have paid ground rent or service charges on your behalf, and you haven’t repaid us.
- Your mortgage has passed its term end date.
- Your property has been vacant for more than 30 days at the point of your request.
- Any of the account holders has been subject to bankruptcy proceedings or has entered an individual voluntary arrangement (IVA).
- You have a debt management plan (DMP) in place.
To discuss whether a mortgage payment holiday is right for you, please contact us.
If you’re having problems making your monthly payments
If you’re having problems making your payments we’ll try to help. We’ll need to assess your circumstances and your income and expenditure to work out how we can support you. Simply talking to us won’t affect your credit file. There’s more information about what to do next, and where you can find help on our Financial difficulties page.