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Mortgage payment difficulties due to Coronavirus
What is a mortgage payment holiday?

With a payment holiday you will not have to make any monthly mortgage payments for a set amount of time, in this case up to three months.

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

At the end of the payment holiday we will contact you to assess your circumstances and agree a manageable way for you repay the interest charges incurred and make up the deferred payments. We will have a range of options available to help you to do this.

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

The mortgage repayment is deferred for a period. The monthly payment changes to zero, 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
Will I be eligible for a payment holiday?

To be eligible for a payment holiday you will need to be up to date on your mortgage payments.

If you are a Buy-to-Let landlord, it will be available if your tenants have lost income because of the impact of Coronavirus.

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

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.

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. 

Mortgage Bank Rate Change
I’ve recently applied for a mortgage with The Cambridge – will this affect my application?

If the mortgage product you’ve applied for is linked to our Standard Variable Rate, we’ll write to you to confirm your new rate and the amount you will repay each month.

General mortgage questions
Where do you offer mortgages?

Our mortgages are available on properties located in England and Wales.

Mortgage payment difficulties due to Coronavirus
How do I apply for a mortgage payment holiday?

If you 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; you will just need to self-certify that your income has been either directly or indirectly impacted by Coronavirus.

If you are a Buy-to-Let landlord, you will need to self-certify that your tenant’s income has been impacted by Coronavirus. Landlords are expected to pass on this relief to their tenants to ensure that they are supported during this time.

At the end of the payment holiday we will contact you to assess your circumstances and agree a manageable way for you repay the interest charges incurred and make up the deferred payments. We will have a range of options available to help you do this.

Mortgage payment difficulties due to Coronavirus
How long will it take for you to process my application?

We are doing our best to support our customers during these unprecedented times. However, the impact of Coronavirus is also having an effect on our own teams and applications will be dealt with as quickly as possible.

Mortgage payment difficulties due to Coronavirus
What happens if I am already in arrears?

If you are concerned about the impact Coronavirus will have on your income, then you should contact us as soon as possible. We will review any changes to your circumstances to ensure that your payments remain sustainable. We will make every effort to support people already in financial difficulty, while ensuring a mortgage remains sustainable.

Mortgage providers have agreed to a three-month moratorium (from 19 March 2020) on residential and buy-to-let possession action, meaning that no homes will be repossessed at this difficult time.