In light of the COVID-19 outbreak, Mortgagemove would like to share the following guidance with our mortgage and protection customers.
Mortgage lenders are providing updates via their websites, emails and texts.If you are experiencing difficulty making your next mortgage payment, please contact your lender as soon as possible.
All lenders are experiencing a high number of calls, so wait times may be lengthy – if you are able to call later in the evening or earlier in the morning, wait times might be reduced. Help on offer may include payment holidays, extending term, interest only – the best option will depend on your individual circumstances.
Here are a couple of examples:
- Santander has an online form for you to complete to request a payment holiday – however, if you are in arrears or next payment is due within the next ten days, please call 0800 023 4603.
- Nationwide also has an online form: https://www.nationwide.co.uk/support/product-support/mortgages
Income protection and accident, sickness and unemployment benefit policies are probably most relevant at this time.
It is also worth highlighting the added benefits included within your life and critical illness policy, e.g. online GP services, at a time when surgeries are dealing with COVID-19, can be used for any other health-related matters, with wellbeing services covering mental health and counselling.
If you need up-to-date information, providers are updating policyholders via their websites. Please contact your provider directly to make any claims, and don’t hesitate to contact us if you need any assistance.
When there is financial uncertainty it is easy to think about cancelling protection policies. However, when your health and wellbeing is at risk could be when you need protection the most. Some providers offer payment holidays or will allow a career break, while a waiver of premium covers your payments if you are off sick.
Please be aware of email scams – fraudsters are taking advantage of the COVID-19 outbreak. Do not respond to any emails asking for your personal data or bank details. Lenders will not ask you for this via email. Please visit lenders’ websites directly rather than clicking on any links.