This is where you pay less than your usual monthly amount, for up to 3 months.
Rather than taking a full payment holiday and make no payments at all, you can ask to pay a reduced payment amount that’s fixed for up to 3 months.
If you choose to take a part payment holiday, your monthly payment and the amount you pay back overall will still go up but not by as much as if you’d taken a full payment holiday.
Taking a part payment holiday will not have a negative impact on your credit file. However, you should remember that lenders may use information obtained from other sources, such as bank account information, in their lending decisions.
You should only apply if you are experiencing difficulties in making your mortgage payments and remember, you must make the fixed monthly payments we agree with you, otherwise your mortgage will go into arrears and this could have a negative impact on your credit file.
If you are currently on a part payment or full payment holiday you can only apply for another one in the final month of your existing payment break.