Mortgage payment holidays: Finance Lab welcomes questions and offers free advice


A mortgage payment holiday can now be applied for if you are a homeowner or landlord during the coronavirus outbreak.

Lenders are open to applications requesting a three-month break from making repayments as the COVID-19 pandemic has worsened.


In a knock-on effect, as more businesses face closure, employees face losing their jobs or being paid less, and lenders will face losing out too. The new policy brought out by the government has been created in order to ease the financial burden.

Financial expert, Rajesh Modha of Finance Lab, has reached out offering free advice to homeowners and landlords.

In an email sent out to clients, he said: “Please find details below of the main lenders and their contact details for you to share with your staff, if anyone from your firm may want to request a mortgage payment holiday.

“If anyone from your firm, clients or network may want to chat through their circumstances, then please feel to pass them my number. There is no charge, I'm just trying to help those who are in need of help at this difficult time.

"Finally, if you think this list may be useful to friends; family or colleagues feel free to share. I'm happy to help whoever may need it.”

Below is the list of the main lenders and their preferred contact method if you wish to request a payment holiday on your residential mortgage, as provided by Rajesh.

Lenders contact details

Nationwide – online form


Accord Mortgages – phone call only 0345 1200 872 (for residential customers only)

Santander – online form

Skipton Building Society – email paymentHolidayRequests@skipton.co.uk

Please confirm your mortgage account number, all names on mortgage and address, plus a phone number if they need to contact you.

Leeds Building Society – email lbssecurecollections@leedsbuildingsociety.co.uk – call 0113 225 7972

Please confirm your mortgage account number, names on mortgage and address, plus a phone number if they need to contact you.

NatWest – email mortgage-paymentholiday@natwest.com

Please ensure you include all the following information within your email;

1. All mortgage account numbers for which you are seeking a payment holiday

2. Your full name (including any middle names)

3. Property address details for the mortgage number(s) provided

4. Please confirm if all your mortgage payments are up to date

5. How many months payment holiday are you looking for (1, 2 or 3)

6. From the start of which month would you like the payment holiday to commence


RBS – email mortgage-paymentholiday@rbs.co.uk

Please ensure you include all the following information within your email;

1. All mortgage account numbers for which you are seeking a payment holiday

2. Your full name (including any middle names)

3. Property address details for the mortgage number(s) provided

4. Please confirm if all your mortgage payments are up to date

5. How many months payment holiday are you looking for (1, 2 or 3)

6. From the start of which month would you like the payment holiday to commence

Coventry Building Society – call 0800 121 8899

Woolwich/Barclays – call 0333 202 7492

An online alternative will be confirmed over the next few days. Please contact Rajesh if you require further details.

Halifax – call 0345 850 3705 - very long waiting times!

HSBC – Have not yet provided guidance as to how to request for a payment holiday. Please contact Rajesh as details expected very soon.

Virgin Money – online form

Platform Home Loans – email opt.plymouth@wmsl.co.uk

Please provide the following information:

Name

Postcode and house number

Lender

Length of payment holiday (up to 3 months)

Reason: Loss of employment, Self-employed - business impact, Reduced hours, Illness/Self Isolating, Child care reasons, Other

If you need help or assistance with a lender not on this list, please feel free to contact Rajesh.

A few things of note from Rajesh:

· Most lenders will not require proof that you cannot make payment. Many will, however, require a quick explanation of your circumstances.

· Please do not stop making mortgage payments until you have agreed it with your lender, otherwise you'll be credited with missing a payment on your credit file. This could possibly affect your ability to obtain credit for the next six years!

· Currently, lenders are inundated with calls – the demand is enormous. If you can wait a while then it will probably be easier to get through to those lenders in a week or two.

· Please note that over the period you take the payment holiday, interest will continue to be charged. This will be added to your overall balance, and your monthly payment will be adjusted accordingly. It is not free!

· To make an application for a payment holiday, you'll need to have to hand your mortgage account number and your personal details.

· If your mortgage is in arrears, it is unlikely that the lender will accept your application for a payment holiday until the arrears are cleared.

· Buy-to-let mortgage borrowers have also been granted the same payment holiday. It has a different set of questions. If you are in this position, please feel free to contact Rajesh.

The Finance Lab founder added: “The current situation may make you feel that you have nowhere to turn and all is at a loss. This may be particularly so in the next few weeks and months. I assure you, this is very rarely the case. Please reach out if you find yourself in the above situation.”


Contact Rajesh on 0781 6819 272 or email rajesh@financelab.co.uk.