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Coronavirus (COVID-19)

Mortgage Payment Holiday Support

Important information

If you’ve had a 6-month payment holiday, please refer to the letter we sent you around 3 weeks before your payments are due to restart for further help and support.

What to do when your payment holiday is coming to an end

 

Before your payment holiday ends, we'll send you a letter showing your current balance, your new monthly payment amount and your next payment due date.

We'll also share information about other potentional options. 

Your next steps

Look at your options

If you can't afford the new amount, we can help in a number of ways, depending on whether the changes to your financial situation are temporary or more permanent.

Get a clear picture

Be sure to go through your options carefully to work out which one is the best one for you, especially as some options will affect your credit file. 

Get in touch

If you’d prefer to talk through your options, please call the number on the letter we sent you to get help and support.

Are you looking to extend your mortgage payment holiday?

If you’ve already taken a mortgage payment holiday, you can extend it to a maximum of 6 months. We want to help you make sure that it’s the right duration as repayment amounts will be affected.

Apply for further temporary support

I can afford to pay some of my mortgage

If your finances are temporarily impacted and you can afford to make reduced monthly mortgage payments, we’re here to help. Once you’ve worked out the best duration, pay what you can into your mortgage account, whenever you’re able to during your mortgage payment holiday period.

I can't afford to make any payment

If you're unable to make your next payment, you can apply to extend up to 6 months if you haven't already. Even if you can afford a small amount, you should consider making reduced payments to help bring down what you'll pay in the long run.

Long term repayment arrangement

If you know your finances won’t or are unlikely to improve, we have an affordability tool you can use. It could also help you if you think you wouldn’t be able to start repayments even with another payment holiday.

By using our tool you’d be helping us better understand your circumstances and how can help.

Other mortgage options available

Switch to a new mortgage deal

You might be able to reduce your monthly payments by switching to a new mortgage deal.

Extend the term of your mortgage

It may be possible to lower your monthly payments by extending your mortgage term.

Getting independent support

Free and confidential debt advice

If you’ve got other debts in addition to your mortgage, you can get free debt advice. We partner with PayPlan (a third party company), who can offer you free confidential advice for all of your debts. 

Start a conversation with PayPlan

Money advice service

If your finances have been impacted by the last few months, the Money Navigator Tool from the Money Advice Service can offer you free and impartial advice based on your own circumstances.

Use the Money Navigator Tool 

More advice options

We’ve put together a list of independent organisations to support you:

 

  • Citizens Advice
    Free advice on debt, benefits, housing, legal matters, employment and general consumer advice.
  • Money Advice Service
    Free advice on debt, divorce/separation, setting up a new home, care & disability.
  • Stepchange Debt Charity
    Free advice on bankruptcy, charging orders, employment, benefits, money management and mortgage/repossession support.
  • Shelter
    Free advice on housing, debt, benefits, eviction & homelessness.
  • National Debt Line
    Free and confidential advice on debt.
  • Financial Conduct Authority (FCA)
    Free advice on mortgage lenders and administrators during the coronavirus (Covid-19) pandemic.

We're here to help

If you need additional support regarding your mortgage or any further questions around your mortgage payment holiday, Cora is on hand 24/7.

 

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