Mortgage payment holiday
As of 1 April 2021, you can no longer apply for a new payment holiday. You can apply for an extension to your existing payment holiday provided that you’ve not received the maximum of six months and there has been no break in the support taken. Any payment holiday extension offered after this date will stop on 31 July 2021, even if you haven’t reached the maximum of six months.
If you've already missed a mortgage payment, or your circumstances are unlikely to improve, you may need to consider additional support. Please get in touch to speak with our dedicated team.
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 extend your 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.