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COVID-19: Mortgage Payment Holiday

24 Mar 2020 By octopus property

We understand this is a challenging time. Coronavirus and COVID-19 is having an adverse impact on every aspect of our lives, and on every corner of the world. At Octopus our priority is to try and help our customers as much as possible, which is why we support the decision to offer customers a break from making their mortgage payments – known as a “mortgage payment holiday”.

 

What is a mortgage payment holiday?

A mortgage payment holiday allows you to take a break from making your contractual monthly mortgage payment, in this case for up to three months. Interest will still be accrued on the balance of the mortgage, payable at a later date.

 

Am I eligible for a mortgage payment holiday?

At the moment, we’re offering mortgage payment holidays for two types of customer:

·         Customers with a residential mortgage (for your home)

·         Customers who are a landlord with a buy-to-let or bridge-to-let property and your tenants are in financial difficulty as a result of COVID-19, causing your income to be been affected.

 

If you’re experiencing longer-term financial difficulties (including if you’re already in arrears), please speak to our Customer Team to look at what other options may be available to you.

 

What should I do next?

It’s really important to contact us as soon as possible if you are worried you won’t be able to make your next mortgage payment and think you need a payment holiday.

Call our Customer Team on 0203 935 3506 or email [email protected]

We understand this is a challenging time. Coronavirus and COVID-19 is having an adverse impact on every aspect of our lives, and on every corner of the world. At Octopus our priority is to try and help our customers as much as possible, which is why we support the decision to offer customers a break from making their mortgage payments – known as a “mortgage payment holiday”.

 

What is a mortgage payment holiday?

A mortgage payment holiday allows you to take a break from making your contractual monthly mortgage payment, in this case for up to three months. Interest will still be accrued on the balance of the mortgage, payable at a later date.

 

Am I eligible for a mortgage payment holiday?

At the moment, we’re offering mortgage payment holidays for two types of customer:

·         Customers with a residential mortgage (for your home)

·         Customers who are a landlord with a buy-to-let or bridge-to-let property and your tenants are in financial difficulty as a result of COVID-19, causing your income to be been affected.

 

If you’re experiencing longer-term financial difficulties (including if you’re already in arrears), please speak to our Customer Team to look at what other options may be available to you.

 

What should I do next?

It’s really important to contact us as soon as possible if you are worried you won’t be able to make your next mortgage payment and think you need a payment holiday.

Call our Customer Team on 0203 935 3506 or email [email protected]

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