We understand Coronavirus is continuing to impact many of our lives. In these uncertain times, we want to reassure our customers that we are here to help if you need us and we will look to be as responsive as possible.

For homeowners and Buy-to-Let landlords facing financial difficulty due to the impact of Coronavirus, we are here to support you and keen to talk to you to find a suitable payment option. 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.

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

Homebuyer and Landlord - Q&A

To help you get the answers quicker we have created three sets of Q&As:

  • For customers financially affected by Coronavirus who haven’t had a payment holiday - Click here
  • For customers who have received a payment holiday and their payment holiday is coming to an end - Click here
  • For customers who have resumed full payments after having a payment holiday but are now unable to continue making payments as a result of circumstances relating to Coronavirus - Click here

For customers financially affected by Coronavirus who haven’t had a payment holiday.

I am being financially affected by Coronavirus but haven’t had a payment holiday, am I entitled to one?

If you haven’t already applied for a payment holiday, and you are being financially affected by Coronavirus, you may be entitled to an initial payment deferral of up to 3 months. You will need to apply in good time before your February 2021 payment is due if you want to benefit from the maximum 6 months payment holiday allowed by the regulator.

If after the initial 3 months payment holiday, you continue to experience financial difficulty due to Coronavirus, you may be able to apply for a further payment deferral of up to 3 months provided this request is made before 31 March 2021.

Provided that your initial payment holiday was requested on or after 20 November 2020, any further payment deferral of up to 3 months does not need to be consecutive provided that this further payment deferral is made before 31 March 2021.

It is important however that you are aware that a payment holiday is:

  • A temporary break from making finance payments to help you through times of financial hardship, for example, losing your job, having to work reduced hours or for landlords who have tenants facing these issues;
  • 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;
  • There are no fees and charges associated with a payment holiday;
  • The payments not made during your payment holiday will need to be paid by the end of the Purchase Plan;
  • You could end up paying more over the term of your finance when taking a payment holiday;
  • Your monthly payments could increase at the end of your payment holiday;
  • Please be aware that it is in your best interest to make payments if you are in a position to do so, to avoid future financial detriment.

How do I apply for a payment holiday?

  • If you would like to apply for a payment holiday please complete a short online form, which can be found here. As detailed above you need to apply for the initial payment holiday prior to 28 February 2021;
  • Alternatively please email recoveries@gatehousebank.com and we will respond within 48 hours or call us.

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 and agree an appropriate solution;
  • We will then write to you confirming the action to be taken;
  • Where possible it is in your best interest to start making payments, to avoid future financial detriment.

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

  • For customers facing financial difficulties due to Coronavirus, the Government has confirmed that customers may take a payment holiday of up to 3 months. We are making payment holidays available to all our Home Purchase Plan and Buy-to-Let customers, who are up to date with 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 Coronavirus. 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 currently in arrears, will the Bank repossess my home/rental property?

  • If you are in arrears with your Purchase Plan, we will attempt to contact you to discuss your situation and the options available to you prior to taking any legal action. We would however encourage you to speak with the Bank regarding your situation;
  • In the event that we are unable to contact you, we will ensure that you are fully informed of all next steps;
  • In accordance with regulatory guidance, the Bank is committed to not commence repossession proceedings before 31 January 2021.

I can 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 and options available to you.

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?

Yes, you are eligible to apply for a new fixed rate product with the Bank.

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

Your credit file will not be impacted at the moment, if you have a payment holiday due to circumstances relating to Coronavirus. If you choose to take advantage of a payment holiday, we will not report the non-payment to Credit Bureaus during the deferred period.

Credit profiles and scoring are not the only tools financial institutions use to assess applications. We cannot control how other financial institutions make their financing decisions. Taking a payment holiday may make it more difficult to obtain credit or move your purchase plan in the future.

Where can I find further guidance?

The following guidance is available for customers financially affected by Coronavirus:

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

The Money Advice Servicewww.moneyadviceservice.org.ukT: 0800 138 7777
Stepchangewww.stepchange.orgT: 0800 138 1111
National Debtlinewww.nationaldebtline.orgT: 0808 808 4000
Citizens Advicewww.citizensadvice.org.ukT: 0800 144 8848

For Customers who have received a payment holiday and their payment holiday is coming to an end.

My payment holiday is coming to an end, can I have a further payment holiday?

  • If you have already received a payment holiday of 6 months, the automatic entitlement to a payment holiday is no longer available. However, we want to reassure you that in these uncertain times we are still here to help you. Please contact us to discuss the support and options available to you;
  • If you have received a payment holiday of less than 6 months, you may be eligible for a further payment holiday if you are still being impacted by Coronavirus, however you must apply for this before 31 March 2021. Please contact us so that we can discuss the options available to you and consider the most appropriate option.

In all circumstances we will write to you confirming the action to be taken.

If you would like to speak with us, please email recoveries@gatehousebank.com with any questions and we will respond to you. Alternatively you may contact us by telephone.

Will you automatically increase my payments at the end of my payment holiday?

  • No, we will not automatically increase your payments, but we are keen to discuss your individual circumstances with you and agree an appropriate solution;
  • We will then write to you confirming the action to be taken;
  • Where possible it is in your best interest to start making payments, to avoid future financial detriment.

I am currently unable to make my deferred payments owed to the Bank, what other options do I have?

  • If you’re worried about restarting your payments at the end of your payment holiday, we’re here to support you. We’ll work with you to find a solution that’s right for you so please contact us;
  • These options may be short, medium or long term based on the impact of Coronavirus on your specific circumstances.

What is the impact of taking a further payment holiday?

  • There are no fees and charges associated with a payment holiday;
  • The payments not made during your payment holiday will need to be paid by the end of the Purchase Plan;
  • You could end up paying more rent over the term of your finance when taking a payment holiday;
  • Your monthly payments could increase at the end of your payment holiday;
  • Please be aware that it is in your best interest to make payments if you are in a position to do so in order to begin to bring your account up to date and avoid future financial detriment.

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

If you are in arrears with your Purchase Plan, we will attempt to contact you to discuss your situation and the options available to you prior to taking any legal action. We would however encourage you to speak with the Bank regarding your situation;

  • In the event that we are unable to contact you, we will ensure that you are fully informed of all next steps;
  • In accordance with regulatory guidance, the Bank is committed to not commence repossession proceedings before 31 January 2021.

I can 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 and options available to you.

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 apply for a new fixed rate product with the Bank.

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

Your credit file will not be impacted at the moment, if you have a payment holiday due to circumstances relating to Coronavirus. If you choose to take advantage of a payment holiday, we will not report the non-payment to Credit Bureaus during the deferred period.

Credit profiles and scoring are not the only tools financial institutions use to assess applications. We cannot control how other financial institutions make their financing decisions. Taking a payment holiday may make it more difficult to obtain credit or move your purchase plan in the future.

Where can I find further guidance?

The following guidance is available for customers financially affected by Coronavirus:

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

The Money Advice Servicewww.moneyadviceservice.org.ukT: 0800 138 7777
Stepchangewww.stepchange.orgT: 0800 138 1111
National Debtlinewww.nationaldebtline.orgT: 0808 808 4000
Citizens Advicewww.citizensadvice.org.ukT: 0800 144 8848


For customers who have resumed full payments after having had a payment holiday but are now unable to continue to make payments as a result of circumstances relating to Coronavirus.

I previously had a payment holiday and was able to resume payments. My circumstances have changed due to Coronavirus, can I have another payment holiday?

  • If you previously had a payment holiday of up to 3 months and you have subsequently started making payments but are now unable to do so due to circumstances relating to Coronavirus, you may be eligible for a further payment holiday of up to 3 months. Please contact us by 31 March 2021 to discuss your circumstances;
  • If you previously had a payment holiday of more than 3 months but less than 6 months, you may be entitled to a further payment holiday if you are still being affected by Coronavirus. You will need to contact us by 31 March 2021 so that we can understand your circumstance;
  • If you have already received a payment holiday of 6 months, the automatic entitlement to a payment holiday is no longer available. However, we want to reassure you that in these uncertain times we are still here to help you. Please contact us to discuss the support and options available to you.

How do I apply for an additional payment holiday?

  • To apply for an additional payment holiday please complete a short online form, which can be found here;
  • Alternatively please email recoveries@gatehousebank.com and we will respond within 48 hours or call us.

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 and agree an appropriate solution;
  • We will then write to you confirming the action to be taken;
  • Where possible it is in your best interest to start making payments, to avoid future financial detriment.

What is the impact of taking a further payment holiday?

  • There are no fees and charges associated with a payment holiday;
  • The payments not made during your payment holiday will need to be paid by the end of the Purchase Plan;
  • You could end up paying more rent over the term of your finance when taking a payment holiday;
  • Your monthly payments could increase at the end of your payment holiday;
  • Please be aware that it is in your best interest to make payments if you are in a position to do so in order to begin to bring your account up to date and avoid future financial detriment.

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

  • If you are in arrears with your Purchase Plan, we will attempt to contact you to discuss your situation and the options available to you prior to taking any legal action. We would however encourage you to speak with the Bank regarding your situation;
  • In the event that we are unable to contact you, we will ensure that you are fully informed of all next steps;
  • In accordance with regulatory guidance, the Bank is committed to not commence repossession proceedings before 31 January 2021.

I can make payments towards the deferred 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 and options available to you.

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?

Yes, you will still be eligible to apply for a new fixed rate product with the Bank.

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

Your credit file will not be impacted at the moment, if you have a payment holiday due to circumstances relating to Coronavirus. If you choose to take advantage of a payment holiday, we will not report the non-payment to Credit Bureaus during the deferred period.

Credit profiles and scoring are not the only tools financial institutions use to assess applications. We cannot control how other financial institutions make their financing decisions. Taking a payment holiday may make it more difficult to obtain credit or move your purchase plan in the future.


Where can I find further guidance?

The following guidance is available for customers financially affected by Coronavirus:

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

The Money Advice Servicewww.moneyadviceservice.org.ukT: 0800 138 7777
Stepchangewww.stepchange.orgT: 0800 138 1111
National Debtlinewww.nationaldebtline.orgT: 0808 808 4000
Citizens Advicewww.citizensadvice.org.ukT: 0800 144 8848

Page content last updated on 20 November 2020