Due to the government’s guidelines, Dedicated Broker Support phone lines aren't available until further notice. Use Broker Chat from 9am to 5pm for your pre-application queries.
Additionally, the Updates team are only dealing with completion queries and have reduced opening hours from 9am-12noon.
Procuration fees will be paid on time and as normal via your nominated Corporate Account.
Thank you for helping us during this challenging period.
Coronavirus: Mortgage payment holidayIf your client thinks they’ll struggle to make their monthly mortgage payments because of Coronavirus, we can help them by offering our customers a 3-month mortgage payment holiday. A mortgage payment holiday is a break from paying their mortgage. It won’t affect their credit rating, so there’s one less thing for them to worry about.
Who can apply for a mortgage payment holiday?
Your client can apply for a mortgage payment holiday if:
- Their finances have been affected by Coronavirus
- Have consent from everyone named on the mortgage.
Is a mortgage payment holiday the right option?
It’s important to remember that a mortgage holiday is a temporary break from their mortgage payments, to help them through these uncertain times.
There are a few things to consider before applying for a mortgage payment holiday, to make sure it’s right for their situation:
- When the payments start again after the payment holiday, they’ll be recalculated and may increase, as a result of the previous payments due being added to their mortgage balance.
- The total amount of interest they pay over the term of their mortgage will increase.
How long will this mortgage payment holiday be available for?
Your client’s will be able to apply for a mortgage payment holiday until at least 30 April 2020. If they’re not yet sure how much the current situation will impact their finances, or if they’ll be able to keep paying their mortgage, there’s still time to consider the best option.
Apply for a payment holiday
Please see our TMW customer website to see how your client can request a payment holiday.