FREQUENTLY ASKED QUESTIONS

We're here to help. Here are some of the questions that are most frequently asked by our customers. 

Simply click on the relevant heading to find answers to your questions, or our team are here to help if you need more information.

Can I change my regular payment date?

If you would like to change your payment date, please contact us to discuss this further.

What methods can I use to make payments to my mortgage?

The easiest way to ensure your mortgage payment reaches us on time is to pay by Direct Debit. It is also possible to make payments using either a debit card, standing order or internet banking. If you are unsure about what payment methods are available, please contact us. Please note that we’re unable to process payments via credit card.  For more information visit  ‘Ways to pay your mortgage’.

Can I set up a Direct Debit in the name of a third party?

The money used to make regular mortgage payments must come from a person named on the mortgage. It is therefore essential that the Direct Debit is in the name of a mortgage holder, and not a third party.

Can I make additional payments?

Over-payments are permitted but with specific conditions attached. These can include minimum and maximum amounts and Early Repayment Charges. Please refer to your mortgage conditions for full details.

How can I make sure the payments get to you as quickly as possible?

Quoting your mortgage account number as a payment reference will help us process your payment faster. If you don’t, there is a risk of the payment not reaching your mortgage account. Additional interest will be incurred if your payment is received after the date it is due.

Who can I speak to about taking out a mortgage with Kensington?

If you’d like to know more about one of our specialist mortgages, have a chat to your mortgage adviser who will be able to give you our latest rates and answer any questions you may have. 

We've teamed up with Like Mortgage Advice, a specialist mortgage adviser who can advise you FEE FREE on Kensington products and guide you through the application process.

Like Mortgage Advice Limited is an appointed representative of Hawke Financial Services LLP, who are authorised and regulated by the Financial Conduct Authority (FCA Register No. 478284).

You can contact them by visiting Like Mortgage Advice or call on 020 3827 8940 (Mon-Fri 9am - 5:30pm).

If you'd prefer to find your own mortgage adviser, you can visit Unbiased.co.uk where you'll find a list of advisers you can choose from.

What does execution only mean?

In certain circumstances, you can apply for a mortgage or make changes without taking professional advice; this is known as "execution only". Please bear in mind, that you will need to be familiar with the details of the mortgage and any changes you wish to make. 

There are a limited set of circumstances under which we currently offer an “execution only” process, for example, if you wanted to make a change to your existing mortgage via our contract variations team.  However, we would encourage you to seek financial advice before making any changes to your mortgage.

Please note, we are unable to accept a new application on an “execution only” basis, as all new applications need to be submitted to us through a mortgage adviser.

Can you give me information about the boundaries of my property?

Providing these details are held with the original deeds, we can supply copies of plans and boundaries upon receipt of a formal written request. If we don’t hold the information you require, we will provide you with the appropriate contact details for HM Land Registry, who may be able to help.

Q. I have received a mortgage offer from Kensington but my sale is taking longer than expected. Can I ask my broker to apply for an extension?

A. Yes, your broker can apply for a mortgage offer extension on your behalf.  You will need to ask your solicitor to submit an extension request to our completion team if you will not be able to complete before the expiry date of your mortgage offer.  

Once we have reviewed the request, we will either issue an extension or ask your broker to provide any further documentation that we may need to see. It is important for you to be aware that if your completion date is after 30th September you will need to pay the relevant stamp duty for the property you are buying. 

Q. Why do I need to supply 3 months of bank statements to my broker?

A. We will ask your broker to provide 3 months of bank statements so that we can see evidence of the following:

  • Your recent income if you are employed
  • Your recent business income/credits if you are self-employed which will need to support the latest SA302 or accountant’s documents provided
  • Your recent credits if you are a contractor
  • If you are in receipt of child maintenance so that we can see the payments you have received
  • Proof of deposit which can be held in a current or savings accounts.  We will need to see that the funds have built up over time and if they have recently been deposited from one account to another, your broker will need to provide both statements so that we can identify the original source of the funds. 
  • To show that you can support 3 months of mortgage payments
Q. Will you accept bank statements that I have generated online?
A. Yes, all bank statements will need to include your name and address and can be generated from your online banking application. Please note we are unable to accept screenshots of your transactions. 
Q. I am receiving help from a family member to pay my deposit. Is this okay?

A. We will accept gifted deposits as long as they come from immediate family members (members (parents including step-parents, grandparents, other family members such as a non-dependent child, brother, sister, uncle or aunt). 

Your broker will provide you with a Donor Gift Deposit Declaration form which you will need to ask your donor to complete, sign and send back to your broker along with a form of ID and evidence of the funds they will be gifting to you. Please note that if the donor is not a parent or grandparent, they will need to be a UK homeowner. 

Q. Will Kensington lend to me whilst I am currently receiving an element of furlough income?

A. Unfortunately, we do not lend to customers currently receiving furlough income. We will however consider your income once you have returned to your current role and working hours, which will need to be supported by your first full payslip.

What interest rate is my mortgage linked to?

To find out what interest rate your mortgage is linked to, check your mortgage offer documents.  

If you have a tracker mortgage that is linked to Bank of England Base Rate, then the rate that you are charged will reflect variations in this.

What are the current variable base rates?
  • KSR – 0.10% effective from 1 October 2021
  • KSLR - 0.10% effective from 12 August 2021
  • LIBOR - 0.10% effective from 12 August 2021
  • BBR - 0.1% effective from 2 April 2020
  • KVR - 3.05% effective from 1 September 2021
  • MPVR (formerly known as Money Partners Variable Rate*) - 2.05% effective from 1 September 2021
  • KEN MBR (formerly known as GE Mortgage Base Rate**) - 3.26% effective from 15 September 2021
  • Oakwood KVR*** - 1.51% effective from 1 September 2021
  • Oakwood MPVR**** - 0.51% effective from 1 September 2021

We apply changes in the interest rate from the date the change becomes effective, the effective date of the most recent change is shown above. If a change affects you, it will be reflected in your next contractual monthly instalment after the change.

*This rate applies to mortgages acquired from Money Partners Limited

**This rate applies to mortgages acquired from GE Money Home Lending Limited

***This rate applies to mortgages taken out with Kensington Mortgage Company Limited, which were acquired by Oakwood Homeloans Limited and then transferred back to Kensington Mortgage Company Limited

****This rate applies to mortgages taken out with Money Partners Limited, which were acquired by Kensington Mortgage Company Limited then Oakwood Homeloans Limited and then transferred back to Kensington Mortgage Company Limited

Is interest charged to my account daily or monthly?

Your interest calculation will depend on your mortgage product. Please refer to your mortgage offer for more details.

What are your current charges?

You can find our current fees and charges in our Tariff of Mortgage Charges.

LIBOR Transition: Your Questions Answered

We will be transitioning customers who have a LIBOR linked mortgage product to a new reference rate. There is no need to contact us, if you are impacted by this change you will receive more detail in writing.

Am I impacted?

You are impacted if your mortgage has a variable rate that is calculated using LIBOR (the London Interbank Offered Rate) or your mortgage will have a variable rate calculated using LIBOR after its current fixed-rate period ends. All impacted customers will have received a letter by November explaining how we will manage the position.

Why are you changing my mortgage rate?

During the variable rate period of your mortgage, the interest rate you pay is calculated using the London Interbank Offered Rate (LIBOR). LIBOR will not be available in its current form for use after December 2021 so we need to replace LIBOR in the calculation of your interest rate with a new rate that is as close as possible to LIBOR. LIBOR is going to stop being published because of regulatory concerns that it may not always reflect interest rates being paid within the market.

Which rate is replacing LIBOR?

After LIBOR stops being available in its current form, we will replace it in the calculation of your interest rate with a rate that is the same as the fall-back rate the FCA is creating to replace LIBOR. We are using this approach so that you are not disadvantaged by the change. The rate replacing LIBOR is called KSLR (Kensington Synthetic LIBOR Rate).

What is KSLR?

KSLR stands for Kensington Synthetic LIBOR Rate. It is named after the fall-back rate being created by the FCA as a replacement for LIBOR, that is called Synthetic LIBOR. After LIBOR ceases to be published, KSLR will be calculated in the same way as Synthetic LIBOR by using the same independently published data on interest rates being paid in the market. As a result, KSLR will change as interest rates in the market change.

Kensington will not be able to influence the value of KSLR. Details on KSLR including the current rate can be found above. Please see question 'What are the current variable base rates?'.

When will you make the changes to my mortgage?

We need to make the changes to the terms and conditions of your mortgage ahead of 31 December 2021.

The change to your mortgage terms and conditions, including the replacement of LIBOR with KSLR, will apply from November 2021.

KSLR, like LIBOR, will be reviewed on a quarterly basis. KSLR will equal LIBOR whilst that rate continues to be published during 2021. From 1 January 2022, when LIBOR is no longer published in its current form, the calculation method will change so KSLR equals the fall-back rate being developed by the FCA to replace LIBOR. This means there will be no immediate change to your interest rate and the new calculation method for KSLR will not apply to your mortgage until after the first 3-month review of interest rates in 2022.

By way of example, let’s say that your interest rate tracks LIBOR and that:

  • your mortgage has the interest rate set once every three months and after November the next two rate resets are due on 10 December 2021 and 10 March 2022 with the new rate applying from the 1st of the following month;
  • the rate review on 10 December 2021 will be based on KSLR with KSLR calculated to equal LIBOR so the new interest rate applying to your mortgage from 1 January 2022 until 31 March 2022 will be the same as if the review had continued to use LIBOR as its reference rate; and
  • the rate review on 10 March 2022 (and at all subsequent 3 monthly reviews) will be based on KSLR, calculated to equal the fall-back rate being created by the FCA to replace LIBOR and the rate calculated in this way will apply from 1 April 2022. 

As we do now, we will write to you after each rate review confirming the new interest rate on your mortgage together with any changes to your payment amount.

What is a fall-back rate and how did the FCA develop the fall-back rate?

A fall-back rate is a rate of interest that can be used if the reference rate for a contract (mortgage) is unavailable for use, in this case LIBOR, and the lender has not been able to replace it with a new rate. The FCA reviewed the performance of LIBOR over the last 5 years to design its fall-back rate.

Why have you chosen not to use the FCA’s fall-back rate for my mortgage?

The FCA’s fall-back rate is only going to be published for a few years and so can only be used temporarily. By creating a rate that is calculated in the same way as the FCA’s fall-back rate and uses the same independently published information on interest rates, we avoid the problem of having to change your rate again when the FCA stops publishing the fall-back rate.

Will my new rate be higher than my current rate?

At the point of replacement, the rate we move you to will be the same as the variable rate applicable to your mortgage immediately before the switch. Please see question ‘When will you make the changes to my mortgage?’ for more information about when the new rate will be effective.

Will my rate always be the same as it would have been using LIBOR?

Like LIBOR, any variable rate is subject to change in line with the market conditions. KSLR has been designed to be as close as possible to LIBOR by ensuring that after LIBOR stops being available in its current form the rate is the same as the fall-back rate set by the FCA. The FCA reviewed the performance of LIBOR over the last 5 years to design its fall-back rate. You will continue to receive notification of any changes to your interest rate and the impact this has on your mortgage as normal.

Will you continue to review my interest rate quarterly?

Yes, your interest rate will continue to be reviewed quarterly. Following each review, we will continue to notify you of any change in the amount you pay each month, or the interest that has been charged to your outstanding balance if your mortgage has reached the end of its term.

I’m in a fixed-rate period, will my fixed rate be affected?

No, your fixed-rate period will continue as per the terms and conditions of your mortgage. When your fixed-rate period ends, you will move to a variable rate. The variable rate will be calculated using the new rate (KSLR) if your fixed rate ends after November when we have replaced LIBOR. If your fixed-rate period ends before LIBOR is replaced, your variable rate will initially be calculated using LIBOR and will then change in November to be calculated using the new rate (KSLR).

Am I able to make a choice on which rate I am transferred to?

No, we will replace LIBOR with the same rate for all customers. As detailed above, we will calculate the interest payable on your mortgage using the reference rate we feel is the most appropriate and is the same as the FCA’s fall-back rate.

Does this change the terms and conditions of my mortgage?

Yes, the terms and conditions of your mortgage have been updated to replace LIBOR with the new rate, KSLR. Changes have only been made in relation to calculating your interest rate. We have enclosed a document setting out the changes to your terms and conditions ‘Changes to your Terms and Conditions’.

My mortgage rate is called KVR, MPVR, KMBR or New Street LBR. How am I affected?

Currently these interest rates are all calculated using LIBOR. KSLR will replace LIBOR in the calculation of your rate. The name of your rate will not change.

What are my options if I don’t want to move to this new rate?

As LIBOR will not be available in its current form after December 2021 it is not possible for your interest to continue to be calculated using LIBOR.

If you do not want to accept KSLR replacing LIBOR in the calculation of interest on your mortgage you can redeem the mortgage by repaying the loan in full or remortgaging. We can provide you with a redemption statement that will explain the amount that needs to be repaid and any early repayment charges that may apply. If you are considering remortgaging you may want to get some financial advice when deciding what is the best option for you. Free confidential and impartial advice is available from a number of organisations, including:

Citizens Advicewww.citizensadvice.org.uk
Advice UKwww.adviceuk.org.uk
Money Helperwww.moneyhelper.org.uk
 0800 138 7777 (English)
 0800 138 0555 (Welsh)
 WhatsApp +44 77 0134 2744

 

Should you wish to make a complaint, you can do so by contacting us on 0333 300 0921.

Do I need to do anything now?

No, you do not need to do anything now.

Where can I find out more information?

Further information about LIBOR can be found on The Financial Conduct Authority website www.fca.org.uk.

Can I extend or reduce the term of my mortgage?

If you wish to change the term of your mortgage, please contact our Customer Services team to discuss this. We are always happy to hear from you and discuss your options.

What do I do if I want to add or remove a party to my mortgage?

Please contact our Customer Services team to discuss. We may only be able to help in certain circumstances and you will need to meet certain eligibility criteria.

My name has changed. Can I change this on my mortgage?

Yes you can. If your name has changed due to marriage, we’ll need a copy of the marriage certificate (original or certified) along with new and old signatures for verification purposes. If the marriage was outside the UK, we will need you to obtain an apostille certificate (original or certified) and supply this along with the above. If your name has changed due to divorce, we’ll need a copy of the decree absolute (original or certified) along with new & old signatures for verification purposes. There are no charges involved in this process.

Can I change my mortgage repayment type?

It might be possible for you to convert from an Interest-Only to a Capital and Repayment mortgage. Please contact us to discuss your options.

Can someone else speak to you on my behalf?

Yes, but we will need a letter of authority from you first. If you have any queries, please get in touch. 

Where can I find information about interest only mortgages?

The Money Advice Service is a free, unbiased and independent source of information on all aspects of money management and is available to all.

Why is my balance not reducing when I make my payments each month?

If your account is operating on an interest-only basis, you will only be paying the interest due each month and your overall balance will not reduce.

What if I am having problems making my mortgage payment?

If you are having trouble paying your mortgage, please contact us, sooner rather than later, so we can better understand your situation and do what we can to help.

Visit our Money Worries page to understand more about how we can work with you to offer support and find a solution. 

There are several sources of free independent financial advice, including organisations specialising in debt management. 

Can someone visit me to talk about my mortgage?
We can arrange for a field agent to visit your home to discuss your mortgage. This will incur a charge.
Can I take my mortgage with me to another property?

Taking your mortgage with you to another property is known as “porting”. We have a limited number of products where porting can be considered. Please refer to your mortgage conditions to see if porting is available on your mortgage.

Can I borrow more money against my property?

Unfortunately, we do not currently offer further advances.

Can I let my property out?

If your property was purchased with a residential mortgage, in certain circumstances, we may consent to letting. If you would like us to assess a letting application, please write to us.

If we agree to your request, your interest rate may increase, and you will incur an additional fee for us to carry out the assessment.

I’d like to pay my mortgage off early; what do I need to do?

You will need to request a redemption statement. This will confirm the full amount required to settle your remaining mortgage balance and close your account.

When should I request a redemption statement?

A redemption statement is valid for 30 days from the date it is produced.

What do I need to do if the redemption statement expires before the date due to redeem?

The redemption statement is valid for 30 calendar days from the date it is produced, the expiry date will be on the statement.

If the mortgage is due to redeem after the statement expiry date, you need to request a new redemption statement.

If you redeem your mortgage between 1 and 30 days after the redemption statement issue date, you need to add the account's daily interest rate (shown in the statement) to the redemption amount. For example, if you redeem 11 days after the issue date, you need to add 11 days of daily interest.

What are the charges associated with redeeming my mortgage account?

To understand any redemption fees that apply to your account, please check your mortgage offer pack and redemption statement.

The costs and fees that may apply:

  • Early repayment charges (ERC)
  • Administration fee, called a mortgage exit fee
When does my Early Redemption Charge (ERC) period end?

Please refer to your official mortgage offer pack. The section will be titled 'What happens if you do not want this mortgage anymore' or ‘Early Re-payment’ and provides full details.

What happens with the ERC if the borrower is deceased?

In this situation, any early repayment charge will be waived.

Do you accept payment by cheque for the final redemption payment?

We do accept cheques to make the final redemption payment.

If you make the final payment by cheque you need to add the daily interest for 5 extra days, to allow for the cheque to clear. The redemption statement confirms the daily interest for your account.

How do I arrange a bank transfer for the final redemption payment?

You’ll need to provide your bank with the account details shown on your redemption statement. Your bank will then forward the funds to us.

Why have you requested additional information about the source of funds?

We occasionally ask for further information, as we are required to show evidence of source of funds due to anti money laundering legislation.

For example, if you are using savings, we may ask to see bank statements that evidence the build-up of this money in your account.

What happens when my mortgage account is closed?

After we receive the full settlement amount, we will arrange for our Legal Charge on your property to be released, and then write to you or your solicitor if they are acting on your behalf to confirm your mortgage is redeemed.

If you're moving out of the mortgaged property, please let us know your new address to make sure you receive any final correspondence from us.

If your property is in Scotland or Northern Ireland, you need to appoint a solicitor to help manage the final part of the redemption on your behalf. Once the mortgage is repaid in full, your solicitor needs to prepare an application to arrange for the Standard Security or Legal Charge to be removed from official land records; referred to as discharging. Once this has been completed your solicitor will notify you that the Standard Security or Legal Charge has been discharged.

For properties in Scotland, we can appoint a solicitor to manage this for you and our team will confirm the cost.

What is buildings insurance?

Buildings insurance is designed to cover the rebuilding cost should your home suffer any damage to its structure. Damage could be caused by a variety of different factors, including fire, burst pipes, water damage and vandalism, whilst some policies may also cover accidental damage. As well as the structure, buildings insurance may cover permanent fixtures and fittings.

Having the right buildings insurance cover in place is of vital importance as it should cover the cost to rebuild the main elements of your property, including walls, floors, ceiling, roof, windows and doors. Garages and other outdoor buildings can also be included.

Each year, the Association of British Insurers produces guidelines on rebuilding costs. It is worth referring to these when taking out or renewing building insurance to help you assess the cover you need.

Do I need buildings insurance?

Yes. It is a condition of your mortgage that you have adequate buildings insurance for your property. Details of your policy must be provided, if requested.

Adequate buildings insurance must be in place at all times and meet the following minimum requirements:

  • The policy should be arranged with an insurance company regulated by the Financial Conduct Authority
  • The policy schedule must show the period of insurance
  • The level of cover must be at least equivalent to the current reinstatement value and be index linked
  • The buildings insurance is arranged on the property your mortgage is secured on

Before making any decisions regarding your insurance needs, we suggest that you seek independent advice from an FCA authorised insurance broker or intermediary. They will be able to recommend the level of insurance needed to protect your property fully. 

What happens if I don’t have buildings insurance?

Having adequate buildings insurance is a condition of your mortgage, so not having a policy in place means you will be in breach of your contract and could therefore be putting your mortgage – and your home – at risk. It remains your responsibility to insure your property. We will remind you of this obligation, annually, when we issue your Mortgage Account Statement.

What is Lenders Interest Only (LIO) insurance? Am I covered?

LIO is a buildings insurance policy solely for the lender. LIO is arranged in the event of you failing to provide requested evidence of buildings insurance cover on the property. This policy only insures us and protects our financial interest in the property. It does not provide you with any cover for rebuilding costs. You should therefore not rely upon LIO insurance for insuring your property; you must always arrange your own buildings insurance.

Do I need contents insurance?

It is not a requirement of your mortgage conditions to insure the contents of your property. However, as a buildings-only insurance policy will not cover personal possessions, furniture or household goods that are not permanent fixtures, you may want to do so. If you have any questions or want to understand what cover is right for you, speak to an insurance broker or intermediary.

When do I need to provide my buildings insurance details to you?

When your mortgage first completed, you would have provided details of your own buildings insurance.  We do not require you to provide evidence of insurance every year. However, under the terms and conditions of your mortgage we have the right to request evidence of buildings insurance at any time during the life of the mortgage. It’s important, therefore, that you ensure adequate buildings insurance cover remains in place throughout the life of your mortgage.  In addition to breaching the terms and conditions of your mortgage, failure to maintain adequate buildings insurance will leave you financially unprotected in the event that your building is damaged or destroyed.

How do I provide you with my buildings insurance details?

If we ask you to provide evidence of buildings insurance, you should provide a photocopy of the insurance schedule by post, e-mail or fax (see contact details below). Please do not send your original insurance schedule to us – you should keep this in a safe place. 

What are your contact details?

Kensington Mortgage Company Limited 

Ascot House, 

Maidenhead Office Park,

Maidenhead,

Berkshire,

SL6 3QQ.

Telephone: 0333 300 0921

Fax: 0333 300 0923

We’re available Monday to Friday, 9.00am – 5.30pm

What was a Covid-19 payment holiday?

A payment holiday was introduced by the Government at the start of the Covid Pandemic to support you if you were directly impacted and would financially struggle. Whilst it was called a payment holiday, it was a way to defer your monthly payment until a later date, but you still owe the money, so those payments would be payable in the future. During a payment holiday your account was still charged interest, so the longer the payment holiday you took, the greater the increase in the interest you would pay over the life of your mortgage.

How long could I have had a payment holiday for?

Payment holidays were granted for a maximum of six months, up to three months at a time, and had to be requested by 31 March 2021. All payment holidays had to an end by 31 July 2021.

What happens if my payment holiday ends and I am still struggling financially?

Please call our team if you think you will struggle to restart your monthly mortgage payments when your payment holiday comes to an end. We have a range of additional support options available including, where appropriate, a temporary suspension of your monthly payment or a bespoke payment plan. These options will be discussed with you in full, including the impact of these options on your credit file.

How has taking a payment holiday impacted my mortgage?

A payment holiday meant that you will not have had to pay your monthly mortgage payment for an agreed period; the monthly payment was deferred to a later date. However, you still owe the money and interest continued to accrue whilst the deferred payments remain unpaid. The original total cost of your mortgage also increased as you have not paid your monthly payments on schedule which meant your overall mortgage balance did not decrease as expected.

Whilst a payment holiday that was agreed up to the 31 July 2021 would not impact your credit score, it may have impacted your ability to borrow in the future. Some lenders may take account of the payment holiday when considering mortgage applications or requests for further borrowing.

I am still affected by Covid-19, can I have a payment holiday?

The last date you could apply for a payment holiday was 31 March 2021, and the payment holiday had to end by 31 July 2021.

If you are struggling to pay your monthly payments, please contact us. Our team will ask you a range of questions about your financial circumstances and look at the options we have available that best suit your situation. We have a range of additional support options available including, where appropriate, a temporary suspension of your monthly payment or a bespoke payment plan. These options will be discussed with you in full, including the impact of these options on your credit file.

What changes did you make to help me make up the deferred monthly instalment(s) after my payment holiday?

We would have reviewed your circumstances at the time to find the best option. For example, we may have considered:

  • adding the deferred instalment(s) to your outstanding mortgage balance (capitalising the amount), so you could pay it over the remaining term of your mortgage,
  • agreeing to a short-term payment arrangement to clear the deferred instalment(s) over several months; or,
  • extending the original term of your mortgage.
Will a payment holiday have had a negative impact on my credit record?

If we agreed a payment holiday with you because of the Covid-19 pandemic before the 31 July 2021, then we will have continued to report your mortgage account in the same position it was at the point the payment holiday was agreed.

Whilst the payment holiday on your mortgage will not affect your credit record, financial services firms may consider information other than your credit record when deciding whether they will provide you with credit. As a result, the payment holiday could affect your ability to get a new mortgage or take out other forms of borrowing in future, for example car finance or credit cards.

Were payment holidays available for Buy to Let customers?

Yes. If Buy to Let customers and their tenants were impacted by Covid-19, a payment holiday would have been an option available up to the 31 March 2021. Payment holidays were provided on the understanding that this relief was passed on to impacted tenants.

Where we became aware that the benefit of the payment holiday was not being passed on to impacted tenants, we may have withdrawn the payment holiday.

I already have a payment holiday, what should I do as it approaches the end?

We will contact you before your payment holiday ends with an option to get you back on track with your mortgage payments. This could include:

  • adding the deferred amount resulting from your payment holiday to your outstanding mortgage balance (capitalising the amount), so you can pay it over the remaining term of your mortgage,
  • agreeing to a temporary change in repayment method from capital and interest to interest-only; or,
  • extending the original term of your mortgage.

If you are still unable to pay your mortgage when your payment holiday comes to an end, we will discuss other options with you, including, where appropriate, a temporary suspension of your monthly payments.

I’ve not paid my monthly mortgage payment, what should I do?

Please call us if you have been unable to make your monthly payment or are worried that you may not be able to afford your next payment. Our team are here to help you and will be able to talk to you about a range of support options available to you.

I’ve already not paid several monthly payments and concerned that my situation is not going to improve; will you repossess my home because of my payment arrears?

We always consider repossession action to be the last resort, but it is important that you speak to us as soon as possible. Our team will ask you a range of questions about your financial circumstances and look at the options we have available that best suit your situation. We have a range of additional support options available including, where appropriate, a temporary suspension of your monthly payment, a temporary switch to interest only, or a bespoke payment plan.

Should you feel that remaining in the property is not right for you and may be causing you financial distress and you would like to discuss how to resolve the position, we can help and would encourage you to contact us on 0333 300 0939.

Are you still charging arrears management fees?

No. We are temporarily waiving arrears management fees for all customers.

Questions for our customers already struggling with payment arrears

Helping you deal with broader financial issues

During this particularly difficult period, you may have financial worries that concern more than just your mortgage payments.

There are independent charities and services that can help you work through your financial situation, identify which are your priority debts and help you liaise with all your creditors.

Financial Conduct Authority (FCA) guidance

The FCA have put together information for consumers on dealing with financial difficulties during the coronavirus pandemic. It also includes resources on how you can work out your budget.

View the FCA Guidance for Consumers

Money Advice Service guidance

The Money Advice Service have put together their guidance on how to deal with or put off any of the financial effects you might be suffering from due to the coronavirus outbreak.

Read the guidance

Independent Support and Advice

Talking to someone impartial can really help. We've put together a list of a range of different organisations that are there to support you.

Independent advice

Please be aware mortgages are secured against your home and your home may be repossessed if you do not keep up repayments on your mortgage.