Coronavirus - Support for customers
We understand that the Coronavirus risk 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 their needs to find a suitable payment strategy, which will include providing a payment holiday of up to 3 months. 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 customer contact details are available here, and our broker contact details can be found here.
Homebuyer and Landlord – Q&A
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.
- To apply for a payment holiday please complete a short online form, which can be found here.
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.
- The payment holiday will not impact your credit record.
- There are no fees associated with a payment holiday.
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?
- Gatehouse Bank has committed to not commencing repossession proceedings for 90 days with effect 19 March.
- 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, taking a payment holiday does not mean you are in arrears and therefore you are still eligible to take a new fixed rate product with the Bank.