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Coronavirus (COVID-19)

Supporting you

As the impact of coronavirus is felt across the UK, you may be feeling worried about the impact on your finances.

We want to reassure you we’re here for you if you’ve any concerns about your mortgage. The welfare and safety of both our customers and colleagues is the most important thing to us and we’ll continue to make sure you’re supported.

Getting in touch

Lots of customers are trying to call us for help with financial problems caused by coronavirus. We’re really sorry if this means you’re waiting longer than normal to speak to us. We want to prioritise customers who can’t make their next mortgage payment. So, if you’re not in immediate financial difficulties, but worried you may be in the future, please use our website to find the information you need. You can apply online for a mortgage payment holiday by clicking here.

Latest update on mortgage payment holidays – 17/9/2020

We’re currently reviewing the latest guidance from the FCA in relation to payment deferrals and will update our website as soon as possible. If you’ve already received two mortgage payment deferral periods and you’re still worried about meeting your future mortgage payments please call us on 0800 138 2401 (Residential) and 0345 848 0225 (BTL) as soon as possible to talk through alternative options.

If you haven’t yet taken a mortgage payment holiday, but you have been financially impacted by coronavirus and need to defer your payments, you will be able to apply for a three month break (a deferral of your mortgage payments) until the end of October 2020. You can do this via our online form here or by calling us on 0800 138 2401 (Residential) and 0345 848 0225 (BTL).

If you’ve already had a three month payment holiday

If you are coming to the end of your existing mortgage payment holiday we will write to you to let know your recalculated monthly payment and your revised mortgage balance and outline the next steps to support you during these difficult times. If you can afford to re-start your mortgage payments it’s in your best interests to do so.

These letters are being issued a month before your revised monthly payment will be taken but allowing for any postal delays, we would expect that the letter will arrive no later than 15 days before your next payment is due.

When you have come to the end of your existing payment holiday and received this letter you’ll be able to apply for a further holiday online for up to three months if you still cannot afford your monthly payments.

Understanding the impact of your payment holiday

If you’re applying for a further payment holiday or you’re applying for the first time, it’s really important you understand the impact of this deferral (payment holiday you’ve already taken) on your future payments and what a further payment break will mean for your mortgage. You can either call us on 0800 138 2401 (residential) or 0345 848 0225 (BTL) and we can provide you with an estimated illustration or you can use our calculator within the online mortgage payment request form. Please note the figures we show you are based on some assumptions, such as you having only one interest rate on your mortgage. If you have multiple parts the calculator will assume all the parts have the same interest rate and term as well as repayment type. If you have more than one interest rate or term, you can check if this is the case on your latest mortgage statement or checking your mortgage account online, you should use the following when you do your calculation:

  • The highest interest you’re paying
  • The shortest term you have
  • Tick the repayment type with the highest balance (if part Interest Only and part Repayment)
  • Input the shortest term remaining

Please be aware that this illustration does not include any mortgage payment protection insurance premiums collected with your mortgage payment. If you would like us to assist you with the illustration, call us on 0800 138 2401 (residential) or 0345 848 0225 (BTL). The payment the calculator will give you is based on the above assumptions, the accuracy of the information you provide and therefore may differ to the actual payment calculated at the end of the payment holiday.

Here are some examples of how a payment holiday can affect monthly payments and the total amount payable for repayment and interest only mortgages. The examples shown below are for a three-month payment holiday:

Current outstanding mortgage balance - £210,000

  Repayment Interest only
Current outstanding mortgage balance £210,000 £210,000
Interest rate 2.42% 2.42%
Months remaining on deal 36 36
Standard Variable Rate 4.49% 4.49%
Term remaining (years) 24 24
Current monthly payment £960.37 £423.53
New monthly payment after payment holiday £973.68 £426.09
Monthly increase £13.31 £2.56
Total amount to repay without payment holiday £330,400.92 £422,272.26
Total amount to repay with three month repayment holiday £332,056.86 £423,549.22
Total increase £1,655.94 £1,276.96

Current outstanding mortgage balance - £150,000

  Repayment Interest only
Current outstanding mortgage balance £150,000 £150,000
Interest rate 1.99% 1.99%
Months remaining on deal 60 60
Standard Variable Rate 4.49% 4.49%
Term remaining (years) 15 15
Current monthly payment £963.12 £248.76
New monthly payment after payment holiday £981.99 £250.00
Monthly increase £18.87 £1.24
Total amount to repay without payment holiday £188,042.45 £232,284.09
Total amount to repay with three month repayment holiday £188,777.48 £232,689.37
Total increase £735.03 £405.28

Current outstanding mortgage balance - £50,000

  Repayment Interest only
Current outstanding mortgage balance £50,000 £50,000
Interest rate 1.99% 1.99%
Months remaining on deal 60 60
Standard Variable Rate 4.49% 4.49%
Term remaining (years) 6 6
Current monthly payment £736.14 £82.92
New monthly payment after payment holiday £766.28 £83.33
Monthly increase £30.14 £0.41
Total amount to repay without payment holiday £53,159.38 £77,428.03
Total amount to repay with three month repayment holiday £53,287.11 £77,563.12
Total increase £127.72 £135.09

If your current mortgage holiday has ended, you can apply for a further mortgage payment holiday here:

Mortgage payment holiday form

 

When to talk to us

If you’re worried about meeting your long term financial needs then a payment holiday may not be the best option for you. This is because during the payment holiday period interest will continue to be charged and your mortgage balance will increase. Therefore, if you’re already in arrears or facing long term difficulty it’s really important you talk to us before applying for a payment holiday.

If you are considering whether a mortgage payment deferral is right for you, see the Money Advice Service’s A guide to coronavirus mortgage payment holidays for useful information.

Further help and support if you’re struggling

If you are in financial difficulty you can call Money Advice Trust on 0808 808 4000, they can offer guidance on dealing with day to day budgeting and advice on how to manage unsecured debts. You can also find lots of useful information on Money Advice Service Coronavirus Support page including information around debt, action plans, redundancy, bereavement and lots more here.

If you need any support accessing our information please visit this page where there will be further help.

If you’ve been affected by coronavirus

If you’ve been financially impacted by coronavirus we can help you in a number of different ways. Our aim is to try to find solutions that suit your individual circumstances. This includes mortgage payment holidays.

We’re working hard to maintain the best service we can for you and we’re constantly keeping this page updated with the latest information.

Manage your Mortgage Account online

You can manage your account using our online services. All you need to do, if you haven’t already, is register. It only takes a few minutes and you can do this by clicking here.

There are a number of things you can do online to manage your mortgage account with us:

  • Access your mortgage balance
  • View your statements and search transactions
  • Manage and move money in and out of your Offset account - please note that withdrawals from your Offset savings account may affect your monthly mortgage payments as the amount offset against your mortgage balance will decrease.
  • Update your personal details
  • Request a redemption statement
  • You can also send us a secure message

If you have an Accord Offset savings account, you can:

  • Make faster payments
  • Set up a standing order
  • Deposit funds via debit card online
  • Transfer funds between accounts
  • Close your account - please note that at least one Offset account must remain open

Staying alert to fraud

Unfortunately, fraudsters may try to take advantage of you and the current situation. It’s really important you’re aware of anything potentially suspicious, such as messages about coronavirus, including those claiming to be from your bank or building society. Remember, we’ll never ask you for your full PIN or password or ask you to move money from your accounts. Please stop and think before taking any action. If it’s too good to be true, or you feel uncomfortable with any request, you should say no.

 

Coronavirus FAQs

I’m worried about the impact of Coronavirus on my finances. What support are you able to offer?

We’re committed to supporting our customers who may be affected by Coronavirus. If you have been impacted by Coronavirus, we’ll try and support you in whatever way we can. You can get in touch with us here.

If anything changes, will you let me know?

We’ll let you know on our website, social media or via email if we hold a valid email address for you. If we change the hours our phone lines are open we’ll let you know on the website too.

Where can I find the latest medical information about coronavirus?

You can find the latest advice from the NHS here and advice from the World Health Organisation (WHO) here.


If you’re concerned about meeting your next month’s payment

What is a mortgage payment holiday?

A mortgage payment holiday is a deferral of your monthly mortgage payment. You are able to take a break of up to three months if your finances have been impacted by coronavirus.

Once the agreed mortgage payment holiday has finished, you will be sent a letter confirming your new monthly payments, which are likely to have increased. This is because interest on your mortgage will continue to be charged during the period of deferral and your total mortgage balance will increase.

Therefore, if you’re worried about meeting your long term financial needs then deferring the payments / taking a payment holiday may not be the best option for you. If you’re already in arrears or facing long term difficulty it’s really important you talk to us before applying for a payment holiday.

Do you have a payment holiday policy in place for borrowers who cannot make their mortgage payments due to Coronavirus?

If you are worried about meeting your mortgage payments, we can offer a variety of solutions, including payment holidays. If you wish to request a payment holiday you can do that online here or by calling us on 0800 138 2401 (Residential) and 0345 848 0225 (BTL). You don’t need to provide any documentation; you will just need to self-certify that your income has been either directly or indirectly impacted by COVID-19.

If you’re worried about meeting your long term financial needs then a payment holiday may not be the best option for you. This is because during the payment holiday period interest will continue to be charged and your mortgage balance will increase. Therefore, if you’re already in arrears or facing long term difficulty it’s really important you talk to us before applying for a payment holiday.

How long can payment holidays last for?

The option of a payment holiday for up to three months is available for customers who are experiencing issues with their finances as either a direct or indirect result of coronavirus. You must be up-to-date with your payments to be considered for a payment holiday. If your account is in arrears you may still be eligible but we will need to talk to your to assess your circumstances.

If you haven’t yet taken a mortgage payment holiday, but you have been financially impacted by coronavirus and need to defer your payments, you will be able to apply for a three month break (a deferral of your mortgage payments) until the end of October 2020. You can do this via our online form here.

If you have already had a payment holiday but you’re still experiencing difficulties paying your mortgage due to coronavirus, you can request a further payment holiday for up to three months. You will receive a letter from us which will arrive within 15 days of the payment holiday end date. This letter will outline the impact of your original payment holiday and the other options of support available to you. If you can afford to re-start your mortgage payments it’s in your best interests to do so.

What evidence will be required to qualify for a coronavirus payment holiday?

You don’t need to provide any documentation; you will just need to self-certify that your income has been either directly or indirectly impacted by COVID-19. If you are a Buy-to-Let landlord, you will need to self-certify that your tenant’s income has been impacted by COVID-19. Landlords are expected to pass on this relief to their tenants to ensure that they are supported during this time.

How quickly can a decision typically be reached?

We are doing our best to support all customers during these unprecedented times. However, the spread of COVID-19 is likely to have an impact on staff levels and applications will be dealt with as quickly as possible. At this time, please only contact us if you have concerns about immediate payment. This ensures we can help those who are in most need.

Once the payments are rolled onto the main balance, will the term be automatically extended or the monthly payments increased?

Customers will still owe the money where a payment holiday has been granted and interest will still accrue, so if you are able to make part of your normal mortgage payment to reduce the money you owe or your interest charges then you should consider doing so.

At the end of the original three month payment holiday we will recalculate your monthly payment based on your outstanding mortgage balance and remaining term. It is very likely your payments will increase particularly if you have a shorter term left on your mortgage.

My mortgage payment holiday is ending soon, what should I do?

If you have taken a mortgage payment holiday, you will receive a letter in the post from us which will outline all the options available to you.

These letters are being issued a month before the payment holiday is due to end, but allowing for any postal delays, we would expect the letter to arrive 15 days before your next payment is due. To ensure our contact centres can support those customers who need it most, you do not need to contact us unless you have not received a letter and your payment holiday is due to end within the next two weeks.

The letter will confirm:

  • Your mortgage payment holiday end date
  • Your new monthly payment and how it has been calculated
  • Your projected mortgage balance at the end of the payment holiday

It will also outline what next steps you can take, including what to do if your employment status has changed, if you think you might have difficulty making your next payment or if you feel a payment holiday wasn’t the best option for you and you would like to pay back the missed payments by a different means.

Throughout the letter, contact numbers are listed to ensure you can speak to the right department to discuss your chosen next steps.

If you can afford to re-start your mortgage payments it’s in your best interests to do so.

When you have come to the end of your existing payment holiday and received this letter you’ll be able to apply for a further payment holiday up to three months online if you still cannot afford your monthly payments.

Understanding the impact of your payment holiday

If you’re applying for a further payment holiday or you’re applying for the first time, it’s really important you understand the impact of this deferral (payment holiday you’ve already taken) on your future payments and what a further payment break will mean for your mortgage. You can either call us on 0800 138 2401 (residential) or 0345 848 0225 (BTL) and we can provide you with an estimated illustration or you can use our calculator within the online mortgage payment request form. Please note the figures we show you are based on some assumptions, such as you having only one interest rate on your mortgage. If you have multiple parts the calculator will assume all the parts have the same interest rate and term as well as repayment type. If you have more than one interest rate or term, you can check if this is the case on your latest mortgage statement or checking your mortgage account online, you should use the following when you do your calculation:

  • The highest interest you’re paying
  • The shortest term you have
  • Tick the repayment type with the highest balance (if part Interest Only and part Repayment)
  • Input the shortest term remaining

Please be aware that this illustration does not include any mortgage payment protection insurance premiums collected with your mortgage payment. If you would like us to assist you with the illustration, call us on 0800 138 2401 (residential) or 0345 848 0225 (BTL). The payment the calculator will give you is based on the above assumptions, the accuracy of the information you provide and therefore may differ to the actual payment calculated at the end of the payment holiday.

Here are some examples of how a payment holiday can affect monthly payments and the total amount payable for repayment and interest only mortgages. The examples shown below are for a three-month payment holiday:

Current outstanding mortgage balance - £210,000

  Repayment Interest only
Current outstanding mortgage balance £210,000 £210,000
Interest rate 2.42% 2.42%
Months remaining on deal 36 36
Standard Variable Rate 4.49% 4.49%
Term remaining (years) 24 24
Current monthly payment £960.37 £423.53
New monthly payment after payment holiday £973.68 £426.09
Monthly increase £13.31 £2.56
Total amount to repay without payment holiday £330,400.92 £422,272.26
Total amount to repay with three month repayment holiday £332,056.86 £423,549.22
Total increase £1,655.94 £1,276.96

Current outstanding mortgage balance - £150,000

  Repayment Interest only
Current outstanding mortgage balance £150,000 £150,000
Interest rate 1.99% 1.99%
Months remaining on deal 60 60
Standard Variable Rate 4.49% 4.49%
Term remaining (years) 15 15
Current monthly payment £963.12 £248.76
New monthly payment after payment holiday £981.99 £250.00
Monthly increase £18.87 £1.24
Total amount to repay without payment holiday £188,042.45 £232,284.09
Total amount to repay with three month repayment holiday £188,777.48 £232,689.37
Total increase £735.03 £405.28

Current outstanding mortgage balance - £50,000

  Repayment Interest only
Current outstanding mortgage balance £50,000 £50,000
Interest rate 1.99% 1.99%
Months remaining on deal 60 60
Standard Variable Rate 4.49% 4.49%
Term remaining (years) 6 6
Current monthly payment £736.14 £82.92
New monthly payment after payment holiday £766.28 £83.33
Monthly increase £30.14 £0.41
Total amount to repay without payment holiday £53,159.38 £77,428.03
Total amount to repay with three month repayment holiday £53,287.11 £77,563.12
Total increase £127.72 £135.09

If your current mortgage holiday has ended, you can apply for a further mortgage payment holiday here:

Mortgage payment holiday form

How will the non-payment be recorded with credit reference agencies?

The unpaid interest from your payment holiday will still be recovered later, but individual credit ratings will not be affected. However, it’s important to know that credit files aren’t the only source of information which lenders can use to assess creditworthiness.

I requested a payment holiday but I’ve not heard anything yet, what should I do?

As you might imagine, we’ve had quite a large number of requests for a mortgage payment holiday. We're currently prioritising these requests by mortgage payment due date. You'll receive confirmation that we have processed your request as soon as possible but please bear in mind if your due date is not for a few weeks it may take longer than 7 working days.

I've applied for a payment holiday but my Direct Debit has been taken, what do I need to do?

If you've had confirmation from us that your payment holiday has been approved, the quickest way to get a refund is to ask your current account provider to reject or recall the direct debit request.

If you've yet to receive confirmation from us that your payment holiday has been approved please do not arrange to reject or recall the payment until your payment holiday request has been processed and we have provided formal approval.

If your Mortgage Payment Holiday request has been approved and a direct debit payment has been taken for May, your mortgage payment holiday will start in June.

How can we get in touch?

As the situation is changing very quickly, please check the website in the first instance for the latest updates and if you need to get in touch for urgent support, please call 0800 138 2401 (Residential) and 0345 848 0225 (BTL). As we are experiencing a larger than normal volume of calls, we ask that you only contact us if you have concerns about immediate payment to ensure we can help those who are in most need.

 

In progress mortgage applications

How will I get my new property valued during the Coronavirus (COVID-19) outbreak?

As of Wednesday 13 May, valuers are returning to work in line with the latest government advice. All new applications will be subject to a physical valuation where possible, although customers should be aware that to ensure the safety of all those concerned, appointments will be reduced and specific guidelines adhered to, which could impact timeframes.

This also means we’re starting to work through our pipeline cases. Where possible, we are working with our valuation partners to get physical valuations booked in to replace desktop valuations, including those where an appointment has been made.

The reinstatement of physical valuations also means that purchase applications on New Build, flats and non-standard construction will be accepted for residential cases and for BTL cases, flats and non-standard construction will be accepted.

Please note that for the time being we’ll be unable to accept applications for:

  • Properties in Northern Ireland

What happens to my existing application?

We will look to apply the above rules to our pipeline cases to progress as many of these as possible. Pipeline cases where we cannot use desktop valuations or AVMs will remain in the pipeline until a physical valuation can be carried out.

We will be in contact with you shortly to confirm whether we can proceed with your application.

I’ve exchanged contracts, but have been told my move will be delayed. Will my mortgage offer run out?

Given the current social distancing measures, we understand many house moves will need to be delayed.

We want to support you at what’s a very anxious and uncertain time.  So, if you’ve exchanged contracts, well extend your mortgage offer for up to three months.

If your circumstances change during this three month period or the terms of the house purchase change significantly, we’ll need to review the offer, to make sure it’s still right for you.

We’re working through the most urgent cases to ensure extensions are provided where needed. We’ll be in touch as your expiry date approaches.

We realise the current restrictions will have an impact on the speed of your mortgage application. That’s why we’re working hard to find other solutions.

We’ll keep you updated on here. You can also keep in touch with your broker.

What do the Land Registration changes mean to my mortgage application?

England and Wales

There is currently no impact on cases in England and Wales.

Scotland

There is now no impact on cases in Scotland. This is because the Land Registry of Scotland has put in place alternative measures for our Legal Advisers to ensure our interest is protected.

Northern Ireland

We can complete on existing cases in Northern Ireland providing our Legal Adviser has submitted an Electronic Priority Search that is showing as pending on the register. We will call our Legal Adviser immediately prior to completion and only release funds where this is confirmed.

 

 

 

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