We understand that the world has changed a lot recently. In these uncertain times, we want to reassure our customers that we are here to help if you need us.

For homeowners and Buy-to-Let landlords facing financial difficulty or are worried that you may do, we are here to support you and keen to talk to you to find a suitable option.

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

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.

Homeowners and Buy-to-Let Landlords - Q&A

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

  • For customers who are facing financial difficulties / for customers that are worried they may face financial difficulties - Click here
  • For customers who are currently on a payment holiday due to Coronavirus and as a result of the government guidance - Click here

For customers who are facing financial difficulties / for customers that are worried they may face financial difficulties

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

  • If you are struggling to keep up to date with your finance payments, please contact us so we can work with you to understand your circumstances and discuss the support and options available to you
  • Alternatively, there are free advice agencies detailed below who can provide additional support and guidance

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 so we can work with you to understand your circumstances and discuss the support and options available to you

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

  • If you are in arrears with your Purchase Plan, please contact us so we can work with you to understand your circumstances and discuss the support and options available to you prior to taking legal action. We encourage you to speak with us 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

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 if payments are not made?

We are required to update your credit report to reflect any non-payment either in full or part which may show as missed payments on your credit file. Please visit the Equifax website if you would like any further information about how your data is used.

Where can I find further guidance?

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

Money Helper (formerly the Money Advice Service)https://www.moneyhelper.org.uk

https://www.moneyhelper.org.uk/en/money-troubles/coronavirus/money-navigator-tool
T: 0800 138 7777 (England) and 0800 138 0555 (Wales)
Stepchangewww.stepchange.orgT: 0800 138 1111
National Debtline (Home Purchase Plan customers)www.nationaldebtline.orgT: 0808 808 4000
Business Debtline (Buy-To-Let customers)https://www.businessdebtline.orgT: 0800 197 6026
Citizens Advicewww.citizensadvice.org.ukT: 0800 144 8848 (England) and 0800 702 2020 (Wales)

For Customers who are currently on a payment holiday due to Coronavirus and as a result of the government guidance

I am currently on a payment holiday - what will happen at the end, will you automatically increase my payments?

  • 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

Can I have a further payment holiday if I have received a payment holiday of less than 6 months?

  • Unfortunately, despite your holiday being less than 6 months, the automatic entitlement to a payment holiday is no longer available
  • However, if you are struggling to make payments, there are various options available to you including a payment holiday. Please be reassured that in these uncertain times, we are still here to help you. Please contact us to discuss these options

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. Please contact us so we can work with you to understand your circumstances and discuss the support and options available to you
  • These options may be short, medium or long term based on the impact of Coronavirus on your specific circumstances

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

  • If you are in arrears with your Purchase Plan, please contact us so we can work with you to understand your circumstances and discuss the support and options available to you prior to taking any legal action. We encourage you to speak with us 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

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 so we can work with you to understand your circumstances and discuss the support 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 chose 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.

We will be required to update your credit report to reflect any non-payment either full or in part, following your payment holiday. This may show as missed payments on your credit file. Please visit the Equifax website if you would like any further information about how your data is used.

Where can I find further guidance?

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

Money Helper (formerly the Money Advice Service)https://www.moneyhelper.org.uk

https://www.moneyhelper.org.uk/en/money-troubles/coronavirus/money-navigator-tool
T: 0800 138 7777 (England) and 0800 138 0555 (Wales)
Stepchangewww.stepchange.orgT: 0800 138 1111
National Debtline (Home Purchase Plan customers)www.nationaldebtline.orgT: 0808 808 4000
Business Debtline (Buy-To-Let customers)https://www.businessdebtline.orgT: 0800 197 6026
Citizens Advicewww.citizensadvice.org.ukT: 0800 144 8848 (England) and 0800 702 2020 (Wales)

Page content last updated on 2 July 2021.