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Payment holidays
What is a payment holiday?
A payment holiday is when you take a break from paying all or part of your monthly mortgage payment.
They can help you with short-term or unexpected changes to your situation. These could be changes to your employment, maternity or paternity leave, household or car costs.
We’ll recalculate your monthly payments at the end of the payment holiday. The amount you owe will go up. That’s because even though you miss payments due to the payment holiday, we’ll still add interest to your mortgage.
If you've made overpayments in the past 12 months, you could underpay instead of taking a payment holiday. You'll need to talk to us before you underpay.
Can I take a payment holiday?
You can apply for a payment holiday if:
- it’s been over 12 months since you took out your mortgage with us, and you’ve not taken any additional borrowing in the last six months
- you live in the property and it’s your main home
- you’ve not taken payment holidays for more than six months in total and not taken one in the past three years. (This excludes payment holidays taken due to Covid-19 between March 2020 and July 2021)
- the amount you owe on your mortgage is less than 90% of the value of your home
- you’ve got a joint mortgage, everyone agrees to the payment holiday
- your mortgage payments are up to date and have been for the last 12 months
- you don’t receive support from the Department of Work and Pensions towards your mortgage payments.
How do I apply for a payment holiday?
You can apply for a payment holiday by calling us on 0345 122 1439. We're open Monday - Friday: 8am - 8pm and Saturday: 9am - 4pm.
Remember that if you take a payment holiday the amount you owe will go up.