Struggling with Mortgage payments?

The Coronavirus pandemic has put many homeowners and Landlords in financial difficulty due to pay cuts, job losses or tenants being unable to pay their rent. It's estimated that over 1.2 million homeowners have applied for the mortgage relief which has been put into place by the government.

Firstly we would advise contacting your lender and informing them of your new financial position. Most lenders have set up systems to protect their customers whether that be mortgage payments, credit card debts or even car finance. We have compiled a list of coronavirus support lines within most mainstream banks.

You could be entitled to a 3 months mortgage holiday

The chancellor introduced new legislation in March which is aimed at supporting those who are now struggling to pay for their essential items such and food, bills and utility costs. The new offer states a 3 month voluntary mortgage holiday with your lender if you can prove that you are in the above criteria. This voluntary solution could save you a lot of stress and further discomfort during these times. It may also be worth knowing that you must be able to provide satisfactory evidence such as letters from employers, Bank statements or you may not qualify.

We believe that interest will still be chargeable for those who take the mortgage relief solution by adding it to the total amount owed, However, we expect this will not be requested in full and accepted via a payment plan when you are in a better position financially.

That being said it would be wise to only apply for this mortgage relief if you have absolutely no other way of surviving during this crisis.

Will, it cost me more to take mortgage relief?

Most lenders will have their own protocols when it comes to recouping any loss on payments they may have received due to the mortgage relief option.

As mentioned above one of the ways would be for the outstanding cost to be spread over a period of months and paid back in stages. Alternatively, the length of your term would be increased by how many months it will take you to clear the outstanding amount.

Everybody's personal circumstances are different so we would advise speaking to your lender on which payment option will be the best for you.

Support with essential bills

https://www.citizensadvice.org.uk/debt-and-money/if-you-cant-pay-your-bills-because-of-coronavirus/

Financial support if you are Business owner, Self Employed

https://www.gov.uk/business-coronavirus-support-finder

Bank Mortgage Relief contact numbers

• Accord Mortgages: 0345 1200 866

• Barclays: 0800 022 4022

• BM Solutions: 0345 850 5000

• Clydesdale Bank: 0800 121 4203

• Coventry Building Society: 0800 121 8899

• Halifax: 0345 850 3705

• HSBC: 03457 404 404

• Leeds Building  Society: 0113 225 7972

• Lloyds: 0800 783 3534

• Monmouthshire Building Society: 01633 844 370

• Nationwide: 0800 464 30 30

• Natwest: 0800 092 9585

• Platform (Co-op): 01752 236 550

• Post Office (BOI): 0800 707 6206

• RBS: 0345 721 2600

• Santander: 0800 01 56 382

• Skipton Building Society: 0800 022 4022

• TSB: 0345 835 3380

• Virgin: 0345 602 8301