Last updated 1 August 2021
We’re committed to supporting our mortgage customers who’ve been financially affected by coronavirus.
Ways to reduce your monthly payments
Switch your deal
If you can still make your mortgage payments, switching your deal – if possible – might be a good way to reduce your monthly payments, to help take the pressure off if finances are tight right now.
Take a mortgage payment holiday
A mortgage payment holiday gives you some flexibility in repaying your mortgage. It can allow you to stop or reduce your monthly payments for between one and 12 months.
Mortgage payment holidays are available on many of our mortgages. To see if you have the payment holiday feature on your mortgage, please check your current mortgage offer.
Coronavirus mortgage payment breaks
Due to coronavirus, we offered mortgage payment breaks to our customers. These have now ended but, if you’re worried about your payments, there are other ways we may be able to help.
How coronavirus payment breaks worked
We offered mortgage payment breaks from 20 March 2020 to 31 July 2021. Customers could apply to take a payment break for up to 3 months at a time, for a maximum of 6 months. This was in line with FCA guidelines.
However, we're no longer accepting applications. Applications for new mortgage payment breaks and extensions to existing payment breaks ended on 31 March 2021 and all payment breaks ended on 31 July 2021.
Repayments after a mortgage payment break
If you took a mortgage payment break, your new monthly repayments have been worked out to cover the interest added during your break.
If your financial situation has improved, you could increase your monthly payments or even pay the payments missed in full. This way, you’ll pay less interest over the long term.
Making overpayments following a payment break will impact your overpayment allowance. But we’ll refund any Early Repayment Charges (ERCs) you’re charged for making up missed payments.
If you were making overpayments before taking a payment break, you’ll need to set them up again.
If you can’t make your mortgage payments
If you're unable to make your monthly payments or if you've already missed one or more payments, don’t panic. We’re here to help.
We understand that it can feel easier to avoid a conversation with us and hope the situation improves. But the sooner you get in touch, the quicker we can help you.