Coronavirus: Information for mortgage customers

We’ve supported our residential homeowners and buy to let mortgage customers who were financially impacted by COVID-19 with the option to take a mortgage payment break.

The payment break scheme ends on 31 October 2020 and we can’t accept any new applications submitted after this date.

Mortgage payment break support pages

Here you’ll find information on how to apply for a mortgage break, what your repayment options will be the end of this break and what to do it you’re worried about paying your mortgage.

It’s important to understand that you’ll need to make up the payments later in your mortgage term, that your monthly payments may go up and you’ll pay more interest overall.

Your credit file won’t be impacted during your mortgage payment break. Please see below for more information on how we report to credit reference agencies.

Before the end of your payment break period we’ll be in touch to let you know what happens next. We’ll write to you with the options available to you to make up your agreed missed payments.

If you’re worried about restarting your payments at the end of your mortgage break, we’re here to support you. We’ll work with you find a solution that’s right for you.

Have you cancelled you Direct Debit? It’s really important that your Direct Debit is in place before your next mortgage payment is due. If it isn't, it could show as a missed payment on your mortgage account and be classed as in arrears, which could impact your credit file.

If you're a commercial mortgage customer you can find out more information here.

What you need to know

If you’re not financially impacted at this time and can continue to make your mortgage payments then we encourage you to do so.

You will need to make up the payments later in your mortgage term, your monthly payments may increase and you’ll pay more interest overall.

About my credit rating

There shouldn’t be any impact on your credit rating during your mortgage break period. However, its important to understand that lenders may use information obtained from other sources, such as bank account information, in their future lending decisions.

If you can’t afford to start making your monthly payments at the end of your mortgage break, we’ll work with you to find a suitable solution. If you do enter an arrangement to make non or part payments for an agreed period, then we’ll be required to update your credit report to reflect this and it will show as missed payments on your file.

Do I need to set up a new Direct Debit or standing order?

If you've cancelled your Direct Debit or standing order during your payment break, you’ll need to set it up again now. If you choose to take a further mortgage deferral, we’ll place your Direct Debit on hold, so no payments will be taken until we’ve agreed a repayment option with you. It’s really important to get your Direct Debit sorted as a missed payment can affect your credit rating.

If you need to restart your Direct Debit and your bank account is the same then call us on 0333 321 1000 and we’ll set up your Direct Debit. Or request a call back by email and we’ll call you.

If you’ve changed the bank account you want to pay your mortgage from (including changes like your name) then you’ll need to set up a new Direct Debit. Call us on 0333 321 1000 or fill in the Direct Debit form and post it back to us straight away. Information on where to send it is in the form.

We need to advise you that emails sent to and from Aldermore are not secure and could be accessed by an unauthorised person. Whilst we take appropriate measures to safeguard information you provide us, no email can ever be guaranteed secure.

 

Frequently asked questions

How to contact us

The best way to contact us at this time is by email or request a call backPlease check out our frequently asked questions above before contacting us, we’re updating these regularly with the questions our customers are asking us.

Subject to status. Your mortgage will be secured on your property.  Your property may be repossessed if you do not keep up repayments.