Mortgage payment holidays

We’ll only consider a request for a mortgage payment holiday if your mortgage has the Choices feature and you’ve previously made overpayments.

Covid-19 payment deferrals

The government introduced a measure during the Covid-19 pandemic where any customers struggling with their finances could apply for mortgage payment deferrals. That measure was temporary and the option to request a mortgage payment deferral is no longer available.

There’s more information on this page about what you can do if you’re having problems making your monthly payments.

How a payment holiday works

If your mortgage has Choices and you’ve built up an overpayment reservoir using that feature, you can apply for a payment holiday for a maximum of six consecutive months – or until your overpayment reservoir has been used up. You can also apply to make reduced payments until the overpayment reservoir has been used up.

We won’t be able to approve a request for a Choices payment holiday if any of the following apply:

Your account is in arrears.
Your mortgage has passed its term end date.
Any of the account holders has been subject to bankruptcy proceedings or has entered an individual voluntary arrangement (IVA).
You have a residential mortgage and you’re letting it out without our agreement.

At the end of the payment holiday or period of making underpayments, we’ll recalculate your monthly payment and because the total amount you owe will have increased, it’s likely that your monthly payment will increase.

You won’t be able to request a payment holiday if your mortgage doesn’t have the Choices feature and you haven’t already built up an overpayment reservoir.

If your mortgage has Choices, it will have been explained in your original mortgage offer documents. If you’re not sure, you can call us.

Choices flexible features

Information about the flexible features available with Choices and how you can apply to use them.

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If you’re having problems making your mortgage payments

If you’re having problems making your mortgage payments we’ll try to help. We’ll need to assess your circumstances and your income and expenditure to work out how we can support you. Simply talking to us won’t affect your credit file. There’s more information about what to do next, and where you can find help on our payment difficulties page.

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