2. We'll send you a text message in 3-5 days to let you know if you can take a payment holiday.
3. If you take a payment holiday, when it ends your monthly payment will go up. This is because during the payment holiday period interest will continue to be charged and your mortgage balance will increase. Your monthly payment will be calculated on the new balance and for repayment mortgages, the payments which haven't been made will be spread over the remaining mortgage term.
4. There may be other ways for you to repay the payments you've missed, we'll write to you with more details on your options before your payments are due to restart.
5. As long as you are not already behind with your mortgage payments, then your payment holiday will not impact your credit rating.
6. If you are already behind with your mortgage payments, then your payment holiday will not increase the number of months you are behind and will not worsen your credit rating.
It's important to note that the amount you owe will go up as we'll still charge interest for the duration of your payment holiday. You can use our payment holiday calculator to illustrate the impact on your mortgage balance, monthly payment and interest charges over the term of your mortgage.
You should also be aware that because we're busier than usual, it may take up to 10 working days for your payment holiday to take effect.
If your next mortgage payment is due in the next 10 working days, your payment holiday may not start until the following month. We will confirm to you via text the start date of your payment holiday.
You can see when your next mortgage payment is due by viewing your statement of the bank account from which your Direct Debit is paid.
If you are requesting a payment holiday for more than one mortgage you hold with us, you will need to complete one application form for each mortgage account.