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Nationwide borrowers can now extend their mortgage payment holiday

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Written by:
18/06/2020
The building society is rolling out its second mortgage payment break for borrowers who need it
Nationwide borrowers can now extend their mortgage payment holiday

Nationwide Building Society is now offering further payment breaks for those borrowers facing financial difficulties due to Covid-19.

The second mortgage payment holidays are being rolled out as part of the mutual’s commitment to help people keep their homes.

Pay in part

Nationwide is also enabling borrower to choose to pay part of the monthly mortgage payment if affordable, with its new option to make partial payments.

Those borrowers already receiving payment support will be contacted prior to it ending and directed online if they require further support due to ongoing financial difficulties as a result of Covid-19, where they can select the best option for their needs.

All payment breaks will continue to accrue interest although, in line with guidance from the Financial Conduct Authority, these will not be reported on members’ credit files. Everyone applying for further mortgage support will be directed to a payment calculator to ensure that they’re able to assess the future impact of payment breaks on their mortgage before proceeding.

No repossessions

As part of its Home Support Package, no Nationwide mortgage member falling into arrears as a result of Covid-19 will lose their home until the end of May 2021 if they work with the Society to get their finances back on track.

Further measures coming in the next few weeks include extending mortgage payment breaks to the Society’s buy-€et landlords if their tenants are struggling to pay rent due to Covid-19.

Henry Jordan, Nationwide’s director of mortgages, said: “Many people are still experiencing financial difficulties as a result of the outbreak and we want to support where we can. While we would always encourage people to pay what they can, there are cases where this is just not possible. For those who continue to be financially impacted as a result of Coid-19, we are here to support them.

“Our Home Support Package is designed to help our members keep their homes. The unknown timeframe of how long this impact will last has led us to halting repossessions linked to Covid-19 until the end of May 2021 to give our members as much reassurance as we can. All that we ask is that our members continue to engage with us so that we can agree with them the best way to help them.”

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