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Flexible Features
Category:
Flexible Features
If you’ve made overpayments, the time may come when you want to borrow your money back. We keep the money you’ve previously overpaid separate, so you can apply to borrow it back if you need to.
Things you should consider before borrowing back your overpayments
- Your mortgage balance will increase and you’ll pay more interest overall.
- Your normal monthly payment will increase because your mortgage balance will be higher. We’ll write to you to let you know what your new payment will be
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7153. Phone lines are open Monday to Friday 08:30am-6:00pm.
- You can’t borrow back overpayments made on your unsecured loan (if you have one).
Check if you’re eligible
You may be able to borrow back your overpayments if:
- You can afford the increase to your mortgage payments.
- You’re not an undischarged bankrupt or currently in an Individual Voluntary Arrangement (IVA).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to this (where there is more than one person named on the mortgage).
How to apply:
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- Let you know whether you can borrow back your overpayments. If you’re not eligible to borrow back your overpayments and you have any worries about your circumstances, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm.
Category:
Flexible Features
If you’ve made overpayments, you have the option to reduce your monthly payment by underpaying. We’d agree this with you as an arrangement and whilst this is in place, we’d collect a reduced amount from you.
Things you should consider before asking to underpay
- Paying less than your normal monthly payment means you will pay more interest over your mortgage term. If you’re still able to make your mortgage payments, then you should continue to do so.
- Your normal monthly payment may change whilst the arrangement is in place, for example if there’s a change in your interest rate. If this happens, we’ll write to you to let you know.
- You can cancel the underpayment arrangement at any time. For example, if your circumstances change and you can afford to make your full payments. This means you’ll pay less interest over the long term.
Here’s an example to show how much underpaying for three months could cost you:
Mr & Mrs A have a repayment mortgage…
- There’s 10 years remaining on the term.
- They currently owe £80,000
- They’ve previously overpaid by £1,545
- Their monthly payment is £1,030.
After reducing their monthly payment by 50% for three-months…
- The amount they owe would have increased by over £2,480 because they haven’t paid some of the interest due.
- When we next recalculate their mortgage payment their monthly payment will increase . We recalculate it every year to make sure they’ll repay their balance by the end of the term.
- They’ll pay over £935 more interest over the term of their mortgage, unless they make further overpayments in the future.
If their mortgage was on interest only, the amount they would need to pay back at the end of the term would have increased by over £858. They’ll also pay more interest over the term of their mortgage.
You should think carefully before missing your mortgage payments and always get in touch with us first. If you’re worried about your finances, there’re lots of places to go for help. You can find details of the debt advice organisations we work closely with under the Independent Resources tab of our website.
How to apply:
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
Categories:
Flexible Features,
Ways we can help
If you need a short break from making your payments, you may be able to take a payment holiday. A payment holiday allows you to stop making your monthly payments for up to three months.
Things you should consider before taking a payment holiday
- We’ll continue to charge interest whilst your payment holiday is in place. This means the amount you owe will increase and you’ll pay more interest overall.
- When your payment holiday ends, we’ll recalculate your monthly payment. It may increase as a result. We’ll write to you to let you know what your new payment will be.
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7152. Phone lines are open Monday to Friday 08:30am-6:00pm.
- If your financial situation changes, you can still make payments whilst your payment holiday is in place. This means you’ll pay less interest over the term of the mortgage.
Here’s an example of how much taking a three-month payment holiday could cost you…
Mr & Mrs A have a repayment mortgage…
- There’s 10 years remaining on the term.
- They currently owe £80,000.
- Their monthly payment is £1,030.
After a three-month payment holiday…
- The amount they owe will have increased by over £1,866 because they haven’t paid the interest due.
- Their monthly payment will go up by over £40 a month. This is because we would recalculate their mortgage payment to make sure they’ll repay their balance by the end of the term.
- They’ll pay more interest over the term of their mortgage unless they make overpayments in the future.
If their mortgage was on interest only, their monthly payment would have gone up by over £14 a month. But the amount they would need to pay back at the end of the term would have increased by over £1,895. They’ll also pay more interest over the term of their mortgage.
Check if you’re eligible
You may be able to apply for a payment holiday if:
- You’ve made your full mortgage payment on time for the last nine months or you’ve previously overpaid by more than the amount of the payments you want to miss.
- You’re up to date with your mortgage payments.
- You can afford the increase to your mortgage payment after the payment holiday ends.
- You’re not (and haven’t previously been) bankrupt or in an Individual Voluntary Arrangement (IVA).
- You’re not in a Debt Management Plan (DMP).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to the payment holiday (where there is more than one person named on the mortgage).
How to apply:
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Ask you when you want your payment holiday to start. This must be the first day of a month, so we recommend contacting us at least 10 days before this, to allow us enough time to process your application.
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- If we can’t offer you a payment holiday and you’re going to struggle to make your mortgage payment, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm. Or, if you’d prefer you can send us a secure message using our self-serve facility.
Ways we can help
Categories:
Flexible Features,
Ways we can help
If you need a short break from making your payments, you may be able to take a payment holiday. A payment holiday allows you to stop making your monthly payments for up to three months.
Things you should consider before taking a payment holiday
- We’ll continue to charge interest whilst your payment holiday is in place. This means the amount you owe will increase and you’ll pay more interest overall.
- When your payment holiday ends, we’ll recalculate your monthly payment. It may increase as a result. We’ll write to you to let you know what your new payment will be.
- If your mortgage is on interest only, the amount you will need to pay back by the end of your mortgage term will increase. You should check that your plans are on track to pay back this amount. If you don’t have a plan or you’re worried that it might not be enough, we can help. Call our dedicated team now on 0330 159 7152. Phone lines are open Monday to Friday 08:30am-6:00pm.
- If your financial situation changes, you can still make payments whilst your payment holiday is in place. This means you’ll pay less interest over the term of the mortgage.
Here’s an example of how much taking a three-month payment holiday could cost you…
Mr & Mrs A have a repayment mortgage…
- There’s 10 years remaining on the term.
- They currently owe £80,000.
- Their monthly payment is £1,030.
After a three-month payment holiday…
- The amount they owe will have increased by over £1,866 because they haven’t paid the interest due.
- Their monthly payment will go up by over £40 a month. This is because we would recalculate their mortgage payment to make sure they’ll repay their balance by the end of the term.
- They’ll pay more interest over the term of their mortgage unless they make overpayments in the future.
If their mortgage was on interest only, their monthly payment would have gone up by over £14 a month. But the amount they would need to pay back at the end of the term would have increased by over £1,895. They’ll also pay more interest over the term of their mortgage.
Check if you’re eligible
You may be able to apply for a payment holiday if:
- You’ve made your full mortgage payment on time for the last nine months or you’ve previously overpaid by more than the amount of the payments you want to miss.
- You’re up to date with your mortgage payments.
- You can afford the increase to your mortgage payment after the payment holiday ends.
- You’re not (and haven’t previously been) bankrupt or in an Individual Voluntary Arrangement (IVA).
- You’re not in a Debt Management Plan (DMP).
- You don’t receive support from the Department for Work and Pensions (DWP).
- You’re not in breach of your mortgage terms & conditions (for example, you can’t be letting the property without our permission).
- All parties to the mortgage agree to the payment holiday (where there is more than one person named on the mortgage).
How to apply:
- Call us on 0330 159 7152.
Phone lines are open between 8:30am and 6:00pm Monday to Friday.
When you speak to us, we will:
- Ask you when you want your payment holiday to start. This must be the first day of a month, so we recommend contacting us at least 10 days before this, to allow us enough time to process your application.
- Carry out an affordability assessment to make sure that the increased payments are affordable. It will be helpful to have information like payslips, bank statements and how much you spend on your household bills ready when you call. If you’re unable to provide us with this information, it may delay the application process.
- Use information from credit reference agencies. If you have any missed or late payments on other credit commitments, defaults or County Court Judgments (CCJs), this may affect our decision.
- If we can’t offer you a payment holiday and you’re going to struggle to make your mortgage payment, we’re here to help. You can reach our customer assistance team and speak to one of our experienced agents by calling 0330 159 7152. Their phone lines are open Monday to Friday 8:30am – 6:00pm. Or, if you’d prefer you can send us a secure message using our self-serve facility.