The Coventry wants borrowers to apply online for payment holidays

Published on

The Coventry Building Society has launched an online form for borrowers affected by the Coronavirus to apply for a payment holiday of up to three months.

The form and further details on the process can be found on the lender’s website.

The mortgage payment facility is available for the following circumstances:

  • For residential mortgages – the payment holiday will apply for borrowers who are up to date on their payments, not in arrears, and can confirm that they’ve been affected – directly or indirectly – by Coronavirus.
  • For buy-to-let mortgages – the facility will apply for borrowers who are up to date with their payments, not in arrears and can confirm that their tenants are having difficulty in paying their rent due to Coronavirus.

Credit ratings will not be affected but interest will accrue during the holiday period. Borrowers will need to need to make up deferred payments in the future.

The lender urges borrowers currently in arrears who are impacted by the Coronavirus to call their Customer Service Centre on 0800 121 8899.

Savings and borrowing members can see the latest updates on the Society’s response to the Coronavirus situation by visiting: https://www.coventrybuildingsociety.co.uk/consumer/help/important-updates.html

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Buyers gain leverage as surge in listings softens UK house price growth

The UK housing market is entering a more price-sensitive phase as a growing supply...

FCA announces “once-in-a-generation” advice reforms to tackle UK’s financial guidance gap

Millions more consumers could benefit from help with their pensions and investments under sweeping...

HSBC UK streamlines product switch process for brokers

HSBC UK has announced a series of enhancements to its Product Switch application process...

Santander supports new build buyers with revised lending criteria

Santander UK has updated its affordability calculations for new build homes which should allow...

IMLA: 3.5 million still locked out of market

The number of would-be homeowners in the UK still waiting to enter the property...

Latest opinions

How product transfers can help landlords and brokers in a challenging market

In an ever-changing buy-to-let market, the task of managing a property portfolio becomes increasingly...

Finding the ‘yes’ on finance for trading businesses

Pressure on UK trading businesses continues to mount, driven by rising costs, tight cash...

Bridging finance for refurbishment – is it light, medium or heavy?

Not all refurbishment projects are created equal. The type of works being undertaken will...

Complaints: A pain that you can handle

One of the biggest problems an adviser can face is a complaint. And those...

Other news

Buyers gain leverage as surge in listings softens UK house price growth

The UK housing market is entering a more price-sensitive phase as a growing supply...

FCA announces “once-in-a-generation” advice reforms to tackle UK’s financial guidance gap

Millions more consumers could benefit from help with their pensions and investments under sweeping...

HSBC UK streamlines product switch process for brokers

HSBC UK has announced a series of enhancements to its Product Switch application process...