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Coming to the end of a payment deferral?

What happens at the end of my payment defferal?

At the end of your payment deferral, we will be sending you a letter to confirm the next steps including the repayment options. If you normally make your payments by Direct Debit, we will have already been attempting to contact you by phone and text in order to update your Direct Debit in readiness to take your next payment. If you haven’t heard from us or haven’t yet confirmed if we can resume your Direct Debit, please call us on 0161 333 7404, we’re here 9am to 5.30pm Monday to Friday.

If your circumstances have improved and you are ready to restart payments, we have a number of options available to you.

Option 2. Make a lump sum payment 

Another option for repayment is to make a lump sum payment to put your account back in the position it was prior to taking the payment holiday. This option will make sure you are paying the deferred payments and the associated interest which accrued during the payment holiday sooner. This is the lowest cost option for repaying your payment holiday.

If you've previously arranged to make regular overpayments to reduce your balance, pay any costs, fees and charges, historic arrears, interest accrued by arrears and costs fees and charges and/or increased your payments to pay the additional interest that accrues from changing your payment date, this will not be included in your repayment amount. Put simply, this repayment option is based on how you will repay your deferred contractual monthly payments and associated interest and does not consider any other arrangements you may have had in place.

Please call us on 0161 333 7404, to discuss how this would impact your monthly payment. We’re here from 9am to 5:30pm, Monday to Friday.

Below is an example of the impact of a 3 month payment holiday where the deferred payments and associated interest are repaid by making a lump sum payment at the end of the payment holiday.

Please be aware that this example is based on calculations for an account which has never been in arrears and has been recently funded.

Example

Sam has a repayment mortgage of £107,530 with an interest rate of 7.44%, and is 46 months into a 25-year term.

  • Original monthly payment: £790.45
  • Original total repayable (including £110 redemption administration fee): £237,245
  • Lump sum payment for three deferred payments and associated interest, plus the monthly payment due: £3191.31
  • Subsequent monthly payments for remaining term following lump sum payment: £790.44
  • New total repayable (including £110 redemption administration fee): £237,272.01
  • Additional amount repayable due to payment holiday: £27.01

Option 3. Increase your monthly payment over a shorter period of time 

Another option for repayment is where you can pay more than the minimum new monthly payment amount (which is included in the letter we will send you before the end of your payment holiday) to catch up on the deferred payments plus the associated interest. As you will pay it sooner, the amount of additional interest that accrues will be less than if you spread the payments over the remaining term of your mortgage.

 

Option 4. Extend the term of your mortgage 

Another option for repayment is to extend the term of your mortgage. This means we will recalculate your mortgage term to repay the deferred payments and associated interest whilst keeping your monthly repayment amounts around the same amount as your contractual payments were before the payment holiday. To ensure that this option is affordable and sustainable we will need to discuss your financial situation, i.e. your income and outgoings. When extending the term of your mortgage, if you are not already retired, we would not extend the term into retirement.

Extending your mortgage term means your loan runs for longer than we initially agreed and you won’t be addressing the deferred payments until the end of the original agreement. This means you will continue to accrue interest on the full amount until then and is therefore the most expensive option.

If you've previously arranged to make regular overpayments to reduce your balance, pay any costs, fees and charges, historic arrears, interest accrued by arrears and costs fees and charges and/or increased your payments to pay the additional interest that accrues from changing your payment date, this will not be included in your repayment amount. Put simply, this repayment option is based on how you will repay your deferred contractual monthly payments and associated interest and does not consider any other arrangements you may have had in place.

Please call us on 0330 433 1307, to discuss how this would impact your new monthly payment. We’re here from 9am to 5:30pm, Monday to Friday.

Below is an example of the impact of a 3 month payment holiday where the deferred payments and associated interest are repaid by extending the mortgage term to keep monthly payments at the same level as they were prior to the mortgage holiday.

Please be aware that this example is based on calculations for an account which has never been in arrears and has been recently funded.

Example

Sam has a repayment mortgage of £107,530 with an interest rate of 7.44%, and is 46 months into a 25-year term.

  • Original monthly payment: £790.45
  • Original total repayable (includes £110 redemption administration fee): £237,245
  • New monthly payment after 3-month payment holiday: £793.95
  • Increase in term: 12 months
  • New total repayable (includes £110 redemption administration fee): £245,279.55
  • Additional amount repayable due to payment holiday: £8,034.55


What other options are available to me?

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