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Covid 19 Mortgage News
Covid 19 Mortgage News
25/03/2020 Coventry Mortgage Payment Holiday Update
We contacted you recently to let you know about how we plan to support your clients during this difficult time.
We’re offering support to those who are impacted by Coronavirus by agreeing a mortgage payment holiday for up to three months.
The Coventry now set up a quick and simple online form for clients who are not in arrears and ready to arrange an immediate payment holiday. All you need to do is fill in the required information and we’ll action their request immediately.
Please encourage these clients to use the online form rather than phone us as we are experiencing high call volumes at present.
To help provide further understanding about what we’re doing, we’ve put together some detailed information for brokers about how the process will work.
25/03/2020 Principality Payment Holiday Requests
If you are a Principality mortgage customer and require assistance with your mortgage. You can request a payment holiday through their mortgage payment holiday request form, please visit www.principality.co.uk/coronavirus/mortgage-payment-relief
24/03/2020 Natwest Payment Holiday Information
We have previously confirmed that where NatWest has agreed a payment holiday with a customer linked to Covid-19 this will not affect their credit status.
• We can also confirm that any agreed payment holiday linked to Covid-19 will not impact the customer’s ability to complete a product transfer online, either directly or through a broker.
• Where you are completing a product transfer for your customer we will not carry out new credit or affordability checks if you keep the same mortgage amount and repayment type.
• In addition, we can confirm that we can now review payment holiday requests for landlords with a Buy-to-Let mortgages and also customers with a Consent to Let mortgage that are linked to Covid-19. The process for this is the same as a residential request communicated last week using the links below.
Due to this current unprecedented situation we are regularly receiving questions regarding certain scenarios. We ask for your patience whilst we are working to provide clarity. And will update you accordingly.
24/03/2020 Mortgage Payment Holidays now Online for Yorkshire Building Society
If a payment holiday is appropriate, brokers should direct clients to the form at www.ybs.co.uk/paymentholiday, www.accordmortgages.com/existing-customers/paymentholiday, or www.thechelsea.co.uk/paymentholiday.
For any other queries, Accord has added additional capacity to its webchat service and brokers can still speak to their own BDMs via email or telephone.
Jeremy Duncombe, director of intermediary distribution said: “We are currently experiencing a very high number of calls and need to prioritise the most financially vulnerable customers. We kindly request that customers should only call if they are worried about meeting their next mortgage payment.
“However, we understand brokers will be supporting many clients worried about meeting future payments so in these circumstances, we have introduced the online form to simplify the process.
“In line with government guidelines, Accord Mortgages is moving its business development advisers and telephone BDMs to home working to try and reduce the spread of COVID-19.
“As a result, we are changing the way we respond to queries, but have significantly increased the resource on our webchat service and ask that advisers use this facility (available via the website) to enable us to support them over the next few weeks.
“We also have our BDMs available via email or mobile phone.
“We are working hard to ensure any impact to service levels are kept as a minimum and thank all brokers and partners for their continued understanding.
“Please check our website and social channels for the latest service levels and useful information.”
24/03/20 Important Information from Precise Mortgages - Covid-19
As you may expect we are receiving a large number of enquiries relating to mortgage payments as a result of Covid-19. These are unprecedented times and our Collections Department is dealing with these enquiries as quickly as they can. Please bear with us; we will endeavour to respond to calls and emails as soon as possible.
Alternatively, if you are a customer you can email us, please provide your mortgage account number and a brief summary of your enquiry with your mortgage account number to collectionsenquiries@precisemortgages.co.uk and we will contact you as soon as possible or within 5 days.
Please note that there are a number of options available, including payment holidays. Note that in accordance with the guidance issued by the Credit Reference Agencies, the account status reported on credit files will be recorded as either ‘0’ or ‘U’. This classification seeks to preserve the borrowers credit record during the payment holiday period.
Please also note that if your payment is not due within the next 5 days, please call back at a later time to allow us to deal with the customers payments who are due.
Thank you for your continued support.
Where to find us:
111 Bramston Street, Rastrick, Brighouse,
HD6 3AQ, UNITED KINGDOM
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT
Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage payments. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
KIS financial solutions is Authorised and Regulated by the Financial Conduct Authority (FCA No. 302556).