Your options after a payment holiday
When your payment holiday ends, the amount you pay each month will go up. This new monthly amount is to cover the interest charges and payments you missed while you took a break.
Now that you’re ready to restart your payments, here are some of the ways we can support you:
- If you want to reduce the amount you pay each month, you’ll need to ask us to work out your new monthly payment amount after you overpay. Please don’t ask us for a new monthly amount before you’ve made all of your overpayments or if you’ve not made any overpayments.
- If you overpay but don’t ask us for a new monthly payment amount, we’ll automatically work out a new one for you if you switch to a new mortgage deal at a later date. If you’re on a variable rate or tracker product, we’ll let you know your new monthly payment amount if there’s a change to your interest rate.
- If you’re still on your payment holiday and overpay, we’ll always work out your new monthly payment amount when your payment holiday ends. We can’t do it before then, so please don’t complete the request form
- If you were behind with your mortgage payments before you took a payment holiday, we’ll use any overpayments you make to reduce your arrears balance first. If you were behind with your payments, it’s important that you speak to us before you overpay.