Coronavirus (Covid-19) FAQs

Last updated: 23rd June 2020

We hope that you are keeping well in these challenging times and we want to assure you that we are working hard to support you and your clients. To keep you up to date with the actions we have taken, we have created a list of FAQs which we hope you will find useful.

What is a payment holiday?

A ‘payment holiday’ is an arrangement under which the Society permits the borrower not to make any payments under a regulated mortgage contract for a specified period without being in payment shortfall (arrears).

Where a borrower is experiencing or reasonably expects to experience payment difficulties as a result of circumstances relating to coronavirus, and wishes to receive a payment holiday, the Society has been offering borrowers a payment holiday of up to 3 months. 

Borrowers are not required to provide evidence of their finances at the time of setting up the arrangement and are required to ‘self-certify’ they have been financially impacted by COVID-19.  Borrowers should also confirm that all parties named on the mortgage are in agreement with the temporary arrangement being set up.

How do you apply?

If the borrower has not already had a payment holiday then they should Visit and complete either the ‘Contact Us’ form or Request a Call Back and we will respond to the email within 5 working days. If the borrower has already had a payment holiday, then the Society will contact them to discuss the options available. These may include a return to full repayment or continuing support for up to a further 3 months.

Who is eligible for a payment holiday?

Any customer affected financially by COVID-19, provided that their mortgage account is up to date.

What if the customer is already in arrears?

The customer should contact the Society directly for information and assistance. A payment holiday may not be in the customer’s best interest if the customer is already in payment shortfall. 

Can the Society offer a Product Switch and a payment holiday at the same time?

The Society can offer a Product Switch at the same time as a payment holiday if the Product Switch is due and the mortgage account is up to date.

What impact will these temporary arrangements have on the borrower’s credit score?

The Society will report payment holiday arrangements to the credit reference agency as ‘0’ where there were zero arrears on the account before the arrangement started.  This is the same for those who have made an arrangement to change to interest only or make reduced payments for the next 3 months. However, lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.

For customers already in arrears, the Society will report to the credit reference agency the position on the account before any COVID-19 arrangement was made. 

What other temporary arrangements are available to assist borrowers affected by COVID-19?

The Society has agreed the following temporary arrangements with borrowers whose finances have been impacted by COVID-19:

  1. Up to 3 months payment holidays (i.e. deferred payments);
  2. Up to 3 months of reduced payments;
  3. Up to 3 months conversion to interest only payments.

What happens at the end of a payment holiday?

The Society will contact the customer in good time before they are bound by any default arrangement which it may put in place. If the Society does not hear back from the customer then their mortgage payment will return to normal.

If the customer is able to resume full payments – the Society will discuss with the customer the options for repaying any sums due under the payment deferral which may include making a lump sum payment, extending the term, or capitalising interest. The Society will make it clear to the customer that the customer could pay more over the lifetime of the mortgage as a result of capitalisation compared to an alternative means of repaying these amounts, such as in a lump sum.

If the customer is unable to resume full payments – the Society can offer the customer a further full or partial payment deferral for up to 3 months payments based on what the customer considers they can currently afford to repay. The Society may also offer the customer the options of converting to Interest Only (where appropriate) for a temporary period or a short term reduction in the monthly payment. To apply for a deferral period the customer should visit, complete and forward the Income and Expenditure Assessment form, and the Society will respond to the email within 5 working days.

If a customer who has agreed a partial payment deferral contacts the Society seeking further assistance before the end of the deferral period, the Society will offer them additional support for the remaining period of the deferral in line with this section. This could include extending the deferral period to 3 months, reducing the agreed payment further, or a full payment deferral to the 3 months.

What happens at the end of an interest only period?

The Society will convert the mortgage account back to the original contractual terms at the end of the arrangement period.  The new monthly payment will be calculated over the remaining term of the mortgage and the monthly payment will increase.  The Society will contact the borrowers prior to the end of the interest only arrangement period and confirm the new monthly payment and effective date.

Borrowers who are unable to revert back to the original terms should contact the Society to discuss their options.  They will be required to complete an Income and Expenditure Assessment Form, to allow the Society to make suitable arrangements for the repayment of the deferred payments. The Income and Expenditure assessment will be available on the Society’s main website .

What is your current valuation policy for mortgage applications?

The Society can arrange for inspection of new builds and self-builds provided that no builders or trades are on site. We will also consider new applications using external inspections and drive by valuations up to max 80% LTV.  In the case of like for like re-mortgages we are using desktop / AVM valuations up to max 75% LTV, and for capital raising re-mortgages using desktops / AVM valuations up to max 60% LTV.

If necessary, can my client’s offer be extended?

Where your client’s offer is one month from expiry date and they need to extend their offer by three months, please contact the branch to request the extension. The request will then be assessed taking into account any change in your client’s circumstances.

How can the Society be contacted during the coronavirus period?

All of the Society’s offices are still open and the underwriting of mortgage applications continues.  We are currently only considering new mortgage applications where the LTV is up to 80%.  

Branches can be contacted by telephone or email between 9am and 4pm – please visit for contact details.

Is the Society experiencing any difficulties in releasing Title Deeds?

We are happy to confirm that our Deeds Department is still staffed, and Title Deeds are being dispatched within one week of request. Should you be experiencing any difficulty please contact your branch and we will follow it up.