How do I apply for a mortgage payment break?

We’re offering existing customers the option to reduce or defer their mortgage payments for up to 3 months.

If you’re currently on a mortgage payment break and still financially impacted by COVID-19 when this ends, you can apply for a further payment deferral. You can take up to a maximum 6 months in total.

You’ll need to apply for a first payment break or a further deferral by 31 March 2021.

Applying for a payment break

We’re here to support our customers at this difficult time and if you’re a homeowner or buy to let landlord and are financially impacted by COVID-19, you can apply to take  a mortgage payment break or reduce your payments for up to 3 months.

If you’re already on a payment break and still financially impacted by COVID-19 at the end of your initial payment break, you can apply for a further deferral. You can take a maximum payment break of up to 6 months. You’ll need to wait until you’ve received your repayment options letter, which will let you know how to apply.

If you’ve restarted paying your mortgage after taking a payment break and are now struggling to pay your mortgage, we’re here to help.

If you’ve not taken the full 6 month payment break available to you, then you can apply for a further deferral. Email mortgage.support@aldermore.co.uk and we’ll confirm how many months payment break you're entitled to and how to apply.

If you’ve already taken the full 6 months available, then we’ll work with you to find a suitable solution.

  • You’ll need to make up the payments later in your mortgage term and we’ll work with you to find the right option for you at the end of your payment break.
  • There won’t be any impact on your credit rating during the payment break period but it’s important to know that lenders may use information obtained from other sources, such as bank account information, in future lending decisions.
  • If your account is in arrears you can still request a payment break. We’ll need to speak to you to fully understand your situation so we can find the right option for you. Fill in the form below and we’ll be in touch as soon as we can.

How does it work?

  • You can apply for your first payment break by completing our online mortgage payment break request form. We’ll then fully understand your situation and how you’re financially impacted by COVID-19
  • We’ll ask you questions about your current mortgage and circumstances, and show you an estimated example of how this will impact your mortgage.
  • Once we receive your application, we’ll contact you if we need any further information about your income or change in circumstances.
  • If your payment break is approved we’ll let you know in writing and you won’t need to pay your mortgage for the agreed period, up to 3 months.
  • We’ll send you a letter before the end of your payment break to let you know all the repayment options available to you, what your new monthly payments will be and personalised financial illustrations.
  • If you’re unable to pay your mortgage at the end of this time we’ll work with you to find a solution, this may include making part-payments or non-payments for an agreed period. There may be other options available to you based on your circumstances and we’ll discuss these with you if you need a longer term solution.
  • If you’ve restarted paying your mortgage after taking a payment break and are now struggling to pay your mortgage, you can apply for a further deferral up to the maximum 6 months allowed.
  • If you’re not financially impacted at this time and can continue to make your mortgage payments then we encourage you to do so.

 

It’s important to understand how this will affect your mortgage payments before making your decision. To see how your monthly payments will be impacted, use our mortgage payment break calculator.

 

What's the impact of taking a payment break?

  • The payments and interest not made during your mortgage payment break or deferral period will need to be repaid at the end of the payment break period.
  • You could end up paying more interest over the term of your mortgage when taking a mortgage payment break.
  • Your monthly payments could increase at the end of your payment break.
  • If you add your agreed missed payments and interest to your mortgage balance when your payment break ends, your outstanding mortgage balance will increase. Mortgage interest rates are based on a loan to value ratio, so if your mortgage balance has increased, compared to the valuation of your property, this may impact or limit the choice of mortgage products available to you in the future.
  • Taking a mortgage payment break won’t negatively impact your credit file during your mortgage break period. But it’s important to know that lenders may use information obtained from other sources, such as bank account information, in future lending decisions.

 

Please only complete this form if you’re applying for a mortgage payment break for the first time. This form can only be used once, so if you’ve already applied, or are currently in a payment break then you’ll need to wait until you receive a letter from us in order to apply for a further mortgage payment break.

Frequently asked questions

How to contact us

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

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

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