Take a payment holiday
Coronavirus and payment holidays
As the impact of coronavirus is felt across the UK, you may be worried about how it could affect you and your home.
Please don’t worry. We have a number of ways to help, until things get back to normal. You can find out more about the support available to you, including payment holidays or making reduced monthly payments, on our support page.
What is a payment holiday?
A payment holiday is when you take a break from paying all or part of your monthly mortgage payment.
They can help you with short term or unexpected changes to your situation. These could be changes to your employment; maternity or paternity leave; or household or car costs.
We’ll recalculate your monthly payments at the end of the payment holiday and the amount you owe will go up. That’s because even though you miss payments due to the payment holiday, we will still add interest to your mortgage.
If you've made overpayments in the past 12 months then you could underpay instead of taking a payment holiday. You'll need to talk to us before you underpay.
Can I take a payment holiday?
You can apply for a payment holiday if:
- it’s been over 12 months since you took your mortgage out with us, and you’ve not taken any additional borrowing in the last six months
- you live in the property and it’s your main home
- you’ve not taken payment holidays for more than six months in total and not taken one in the past three years. (This excludes payment holidays taken due to Covid-19)
- the amount you owe on your mortgage is less than 75% of the value of your home
- you’ve got a joint mortgage, everyone agrees to the payment holiday
- your mortgage payments are up to date and have been for the last 12 months
- you've made six months payments since taking a payment holiday due to Covid-19
- your property isn’t owned jointly under a shared ownership scheme, for example with a local authority
- you don’t receive support from the Department of Work and Pensions towards your mortgage payments
How do I apply for a payment holiday?
If your income has been impacted by coronavirus
We have more support available for you, including payment holidays with special criteria.
Please see our support tool.
If your income has not been impacted by coronavirus
You can apply for a payment holiday by calling us. We are currently dealing with a higher volume of calls than usual. You may have to wait longer than usual to talk to us on the phone. We're open Mon-Fri: 8am-8pm Sat: 9am-4pm.
Remember that if you take a payment holiday the amount you owe will go up.
If you don’t qualify for a payment holiday but are worried about struggling to make your mortgage payments, then please still call us. We are here to help and there may be other options we can talk to you about.