Getting help with your Mortgage during Coronavirus

We know Coronavirus is leaving some of our members unsure of whether they’re able to rely on their income. We're committed to helping during this time.

 

Are you concerned about meeting your Mortgage payments?

New Mortgage Payment Deferrals are no longer available, but our team of experts are on hand to assess your individual needs and circumstances and discuss the different options we have to support you.

You can speak with the team on 0345 601 3344 to arrange an appointment with one of our experts.

You may also find it helpful to use the Money Advice Service’s Money Navigator tool. This tool has been specifically designed to help consumers whose finances have been impacted by the Coronavirus pandemic, helping you to find out what you’re entitled to and where to go for free financial support.

 

Do you already have a Mortgage Payment Deferral set up?

If you already have a Mortgage Payment Deferral set up, don't worry we'll be in touch prior to the expiry of your current agreement to outline the options available to you.

 

Can I extend my Mortgage Payment Deferral?

Restarting your mortgage payments will be in your best interests, however if you're coming to the end of your initial Mortgage Payment Deferral and your income is still impacted by Coronavirus you can extend this to cover a maximum of six months in total, to cover payments up to and including July 2021. You can only apply for an extension if your initial payment deferral and the extension will run consecutively. This means that when your initial payment deferral comes to an end you must apply for the extension before your next payment falls due. You can request this in the form below.

If you choose to do this the interest will continue to accrue and will be added to your mortgage balance each month during the payment deferral. It will increase your monthly payments and the total amount you pay back over the lifetime of your mortgage. 

There are FAQs below which may answer questions you have about deferring your mortgage payment for an additional amount of time, and you can get an indication of how it may impact your monthly payments by using the MoneySuperMarket Calculator.

 

To request an extension to your current Mortgage Payment Deferral because your income will continue to be affected by Coronavirus simply complete our 'Need Help?' section below. Please advise us of how much you can afford to pay, simply enter the number 0 if you need a full mortgage payment deferral. 

If you’re not currently on a Mortgage Payment Deferral, or if you’ve already had your maximum six months’ deferral under the government guidelines and you need support for longer, speak with the team on 0345 601 3344 to arrange an appointment with one of our experts.

FAQs

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I’ve already restarted my mortgage payments, but have found myself in further difficulty. What should I do?

You can no longer take a further Mortgage Payment Deferral, but our team of experts are on hand to assess your individual needs and circumstances and discuss the different options we have to support you.

Speak with the team on 0345 601 3344 to arrange an appointment with one of our experts.

How will my credit file be impacted?

Any payment deferral that you’ve had under the temporary government guidelines will not be reported on your credit file if you were up to date with your payments when you took it out. 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 now that the deadline for applying for a mortgage payment deferral has passed, we’ll work with you to come to an arrangement to get you back on track, but any missed payments will report on your credit file.

What affect will my mortgage payment deferral have on my mortgage payments?

If you’d like an approximate indication of the impact your current mortgage payment deferral will have on your monthly payments, or if you’re considering extending your payment deferral, 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 2020 mortgage statement you’ll be able to see the repayment type and term that was remaining on your mortgage as at 31st December 2020. 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.

What happens at the end of my mortgage 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 for 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:

  • Make a one off payment penalty free, to represent the shortfall amount. This will immediately lower the balance outstanding and the amount of interest charged. Your payments will then be recalculated on the reduced balance
  • Make an arrangement to repay the shortfall amount over a shorter period of time
  • Extend the mortgage term by the duration of the payment deferral agreement period. This option will increase the amount you pay back over the lifetime of your mortgage

If you’d like to opt for one of these alternative options you can complete and return the form that will be enclosed when we write to you at the end of your payment agreement. If you need to discuss these options in more detail, the letter will also tell you how you can book a telephone appointment with one of our experts.

What if I need support longer term or help to recover to my previous position after the payment deferral expires?

When we write to you at the end of your payment deferral agreement we’ll invite you to book an appointment with one of our experts if you’re still experiencing financial difficulty.

If you were already in arrears, or indicated to us at the time that you took your payment deferral agreement that you may need longer term support, we'll get in touch with you to assess your circumstances before the end of your payment deferral. This may include assessing income and expenditure, to come to an arrangement with you to enable recovery through the full repayment of the arrears.

If you're in financial difficulty; we'll come to an arrangement to recover you into a sustainable position on the mortgage. Any forbearance arrangements will aim to minimise the risk of possession but if a solution cannot be reached we may go to court and start proceedings to repossess your home.

You may find it helpful to take a look at our payment difficulties guide.

What if I need additional help managing my money and debts due to Coronavirus?

If you’re worried about other debts you should contact your other creditors to discuss your repayments. It’s important to pay essential expenses and priority debts before any discretionary expenses or non-priority debts, and you may find it useful to work out a budget.

Free impartial information and confidential debt advice is available. You may find it useful to visit the FCA’s information page ‘Dealing with financial difficulties during the coronavirus pandemic’ or the Money Advice Service coronavirus support page.

Need help?

My name is , I need
to , I can afford to pay £ per month over this period.
My current mortgage payment agreement is due to end on
my next mortgage payment is due on ,
I able to make this payment of £
and my account number is
Please call me on , I confirm by submitting this form that I’ve read the information above about extending a mortgage payment deferral agreement, and am happy to proceed with this request. We will only use the information you provide to respond to your request. Your personal information will not be used for any other purpose.