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Mortgage payment difficulties due to Coronavirus
What is a Mortgage Payment Deferral?

With a payment deferral you'll make reduced or no monthly mortgage payments for a set amount of time, in this case up to three months initially.

However, it’s important to remember that you still owe that money and the interest on your mortgage still accrues during a payment deferral.

At the end of the payment deferral we'll recalculate your monthly payments over the remaining term of your mortgage. We'll write to you to let you know your new monthly payments and to outline the other options available to you to repay the interest charges incurred and make up the deferred payments. We'll have a range of options available to help you to do this.

Mortgage payment difficulties due to Coronavirus
How do ‘payment deferrals’ work?

The mortgage repayment, or part of it, is deferred for a period. The monthly payment changes to zero or the reduced amount, and interest accrues for the period. This may be particularly appropriate where there is a temporary shortfall of income.

However, this is not a solution where, because of a permanent reduction in income, a borrower is unable to afford anywhere near the full mortgage repayments and there is little prospect of an improvement in the situation in the foreseeable future.

Where repayments are deferred for a time, the borrower will need to make up these repayments in the future, which could be over the remaining term.

Mortgage payment difficulties due to Coronavirus
Am I eligible for a payment deferral?

To be eligible for a payment deferral you'll need to self-certify that your income has been impacted by Coronavirus.

If you're a Buy-to-Let landlord, it'll be available if your tenants have lost income because of the impact of Coronavirus in order for you to pass this relief onto them.

There are a number of options available and payment deferrals aren’t always the most suitable solution for everyone. By speaking to us, we can tailor the best option for you.

Mortgage payment difficulties due to Coronavirus
Can anyone apply for a Coronavirus mortgage payment deferral?

If you're in financial difficulty as a result of Coronavirus and are concerned about making your mortgage payments during this time you should contact us as soon as possible. You don’t need to provide any documentation; however you will need to self-certify that your income has been either directly or indirectly impacted by Coronavirus.

If you’re unsure whether a mortgage payment deferral is right for you, you may find it useful to read the Money Advice Service’s A guide to Coronavirus mortgage payment holidays.

General mortgage questions
What is an Approved Solicitors Panel?

Our Approved Solicitors Panel is made up of a group of solicitors we've worked with before and trust to act on your behalf. Take a look through the pdf to find a solicitor near to you. 

If you choose to appoint a firm that is not on our panel, we will require our own partner Solicitor to act on our behalf. You will be responsible for our legal fees in addition to your own legal fees. 

Savings
What is the interest on my Savings Account?

You can view the interest on your savings account at any time online once you've registered for our online services.

Alternatively take a look at this pdf to find out the interest rate for your variable savings account where the product is no longer available. 

If you're looking for the interest rate for a savings account that is currently available take a look at our savings products here.

Savings
How do I pay into my savings account?

You can simply set your Cambridge savings account up with your bank so you can transfer to your savings as and when you want, the details you’ll need are:  

  • Sort Code: 20-17-55
  • Account Number: 40338346
  • Reference: This is your 10 digit Cambridge Building Society account number. You must quote this as a reference to ensure the payment reaches the Account

You could also call the team on 0345 601 3344 – they’re able to take the payment over the phone if you’d prefer.

Mortgage payment difficulties due to Coronavirus
Will all customers receive an automatic three-month payment deferral?

A flexible approach will enable all types of lenders to offer the right support for customers. We'll want to speak to you to find out how we can tailor the best option for you.

We'll help customers the best way for the individual, but an automatic payment deferral may not always be the most suitable approach and may not be required by all customers.

Mortgage payment difficulties due to Coronavirus
Will a payment deferral affect my credit file?

If you’re up to date with payments and we grant you a payment deferral because your income has been impacted by Coronavirus, this will not be reported on your credit file. This covers both the initial payment deferral of up to three months, and any extensions granted for up to a further three months. However, lenders may use information obtained from other sources, such as bank account information or information provided by you as part of the application process, in their lending decisions.

If you've reached the end of your maximum six months’ Mortgage Payment Deferral and you need support for longer, or you need support after the deadline for applying for a mortgage payment deferral, we’ll work with you to come to an arrangement to get you back on track, but any missed payments after this will report on your credit file.

Mortgage payment difficulties due to Coronavirus
What affect will a mortgage payment deferral have on my mortgage payments?

If you’d like an approximate indication of the impact a mortgage payment deferral will have on your monthly payments you may find the MoneySuperMarket 'Taking a Mortgage Payment Holiday' Calculator useful.

You’ll need to know your current mortgage payment, outstanding mortgage balance, repayment type and (for repayment mortgages) your remaining term.

If you have access to your accounts online or via The Cambridge Money App, you’ll be able to find your latest mortgage payment and outstanding balance there.

If you have your 2019 mortgage statement you’ll be able to see the repayment type and term that was remaining on your mortgage as at 31st December 2019. If you’ve made no changes to your term since then, you can use this to work out what your remaining term will be now.

If you don’t have access to any of this information, or if you have multiple parts to your mortgage, call the team on 0345 601 3344 and they’ll be able to help.