It’s important to remember that a payment break is a temporary break from your mortgage payments to help you through these uncertain times. To make sure it’s the right thing for your current situation, there are a few things you need to consider before applying:
- You will need to agree with us how to catch up on the deferred payments at the end of the payment break period. If you add the deferred payments to your mortgage then your monthly payment will increase. The total amount of interest you pay over the term of the mortgage will increase.
- Currently, we offer up to a 3 month payment break. The most appropriate time for you to have a payment break will depend on your personal circumstances.
- If you currently have a payment shortfall (arrears) on your mortgage, please call us so we can discuss your options.