We understand Coronavirus may result in our customers needing additional support and we will look to be as responsive as possible.

For homebuyers and landlords facing financial difficulty, we will help assess your needs to find a suitable payment strategy, which will include providing a payment holiday. Below we have provided answers to a number of questions, which we hope will be helpful.

In addition, savers facing hardship will be able to access funds deposited in our notice or fixed term accounts at short notice and with no penalty.

Our approach is very much in line with the Bank’s existing policies to support customers experiencing issues.

We would encourage any customer that is facing financial difficulties to contact us via email or phone. Our contact details are available here.

Information for customers considering a payment holiday or would like to discuss their purchase plan

What is a payment holiday?

  • A payment holiday is a temporary break from making finance payments to help customers through times of financial hardship, for example, losing their job, having to work reduced hours or for landlords who have tenants facing these issues
  • With a payment holiday, your payments are deferred, which means that you will not have to make any monthly finance payments for a set amount of time, i.e. 3 months
  • The payment holiday will not impact your credit record however, any payment holiday may impact future financing decisions
  • There are no fees associated with a payment holiday

How do I apply for a payment holiday?

What will happen at the end of the payment holiday?

  • In advance of your payment holiday coming to an end and before your next payment falls due, the Bank will contact you to discuss your individual circumstances
  • We will then write to you confirming the action to be taken

I’m struggling to keep up with my finance payments, can you help?

  • For customers facing financial difficulties due to Covid-19, the Government has confirmed that customers may take a payment holiday of up to 3 months to help. We are making payment holidays available to all our Home Purchase Plan and Buy-To-Let customers, who are up to date on their finance payments
  • For Buy-To-Let customers, a payment holiday will be available to assist landlords whose tenants are experiencing financial difficulties as a result of Covid-19. The Bank expects landlords to pass this relief on to their tenants to ensure that renters are supported during this time
  • There may also be other alternative and more suitable options available to all of our customers, please therefore contact us so that we can discuss these with you

I’m able to make my monthly payments at the moment but am worried about being able to make future payments. What should I do?

  • You should continue to make your monthly payments if you can
  • However, if in the future you feel you will struggle to make payments you should contact us and we will discuss the support we can provide

What will happen at the end of the payment holiday?

  • Following the payment holiday, the Bank will contact you to discuss your financial circumstances and will work with you to ensure that your finance position is corrected over time

I’m currently in arrears, will the Bank repossess my home/rental property?

  • The Bank is currently committed to not commencing repossession proceedings in line with the government guidance
  • You should continue to talk to the Bank about your situation

My current fixed rate is coming to an end and I want to switch to a new fixed rate product. Can I apply for a new fixed rate during a payment holiday?

  • Yes, you will still be eligible to take a new fixed rate product with the Bank

Where can I find payment holiday guidance?

Any customer considering whether a payment holiday is right for them should consider the following guidance:

Alternatively, there are free advice agencies such as Stepchange, National Debtline and Citizens Advice who can provide additional support and guidance.

Information for customers currently on a payment holiday or would like to discuss their purchase plan

What are the next steps?

  • Gatehouse Bank will contact customers who are on a payment holiday in advance of their next payment being due, via phone and email to discuss their individual circumstances. We will then write to customers confirming the action to be taken

Will an extension to my payment holiday be given automatically?

  • No. Each customers’ circumstances are individual to them and therefore we want to ensure that we are considering this before making any recommendations. In some circumstances, an extension to the payment holiday will be the right decision to make, but where possible it is in the customer’s best interest to start making payments, to avoid future financial detriment

How much will my payments increase by at the end of the payment holiday?

  • Gatehouse Bank will be able to provide its customers with details of how much the monthly payment will increase by based on individual customer circumstances. Customers should therefore contact us to discuss this

Will my credit rating be impacted as a result of the payment holiday?

  • A customer’s credit file will not be affected; however, any payment holiday may impact future financing decisions

How can I contact an adviser?

Where can I find payment holiday guidance?

Any customer considering whether a further payment holiday is right for them should consider the following guidance:

Alternatively, there are free advice agencies such as Stepchange, National Debtline and Citizens Advice who can provide additional support and guidance.