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Coronavirus support for mortgage customers

25 March 2020

We know that a lot of our customers may be affected either directly or indirectly by the recent events relating to coronavirus. We are here to help and support you.

One of the ways we are helping is to offer customers impacted by coronavirus a mortgage payment holiday for up to 3 months.

What is a mortgage payment holiday?

A mortgage payment holiday is a temporary break from making your payments. You won’t go into arrears during that time and your credit rating won’t be affected.

What happens to my mortgage payment amount after a payment holiday?

When the payment holiday ends after 3 months, payments will start again. We will recalculate your monthly payment, and you may see it increase to include payments not made during the holiday. If you have a repayment mortgage, we may be able to extend your mortgage by 3 months to reduce the impact to your monthly payments.

If you’re still in financial hardship after 3 months, our specialist teams will work with you to agree the most appropriate outcome for you based on your circumstances.

What happens to the interest on my mortgage during a payment holiday?

Interest will continue to be applied to your mortgage during your payment holiday, but we won’t ask you to pay this at the time. This will mean that the total amount of interest you pay over the term of your mortgage will increase.

Are you waiving penalties for missed payments?

We don’t apply penalties for missed payments.

Will my credit file be affected?

No. A payment holiday won’t have any adverse impact on your credit status.

How do I apply for a mortgage payment holiday?

Before applying, please make sure you’ve read and understood the information above. Then, please send us an email listing the following information:

  1. Lender
  2. Mortgage account number
  3. Name
  4. Length of payment holiday (1, 2 or 3 months)
  5. Reason:
    1. Loss of employment
    2. Self-employed - business impact
    3. Reduced hours
    4. Illness/Self Isolating
    5. Child care reasons
    6. Other

Please do not include any additional personal information. We only need the information listed above.

If you have a Co-operative Bank or Britannia mortgage, please email;

britanniacollections@co-operativebank.co.uk

If you have a Platform, Mortgage Agency Services or Verso mortgage, please email;

opt.plymouth@wmsl.co.uk

Next steps

We will aim to respond as soon as possible. We’re currently experiencing a high volume of applications, so please bear with us.

You don’t need to provide evidence of financial difficulties.

If you hold your mortgage jointly with another person, we only need instruction from one of you.

Once we have agreed your payment holiday, we’ll write to you to confirm the arrangements.

Please do not cancel your monthly direct debit. Once your holiday is processed, we will suspend payments.

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