Mortgage payment holiday | Coronavirus support | Ulster Bank

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Coronavirus: mortgage support

Mortgage support for customers impacted by Coronavirus

Mortgage payment holiday

 

If your income is temporarily affected by coronavirus we could offer you a mortgage payment holiday of up to 3 months. The payment holiday option closes on the 31st of October, no applications will be accepted after this date.

1. If you've already missed a mortgage payment or your circumstances are unlikely to improve you may need to consider additional support. Please get in touch to speak with our dedicated team.

 

2. If your income is temporarily affected but you are still able to make some of your monthly mortgage payments it's important that you do so, as this will reduce your outstanding mortgage balance and you’ll pay less interest over the lifetime of your mortgage compared to not paying any of your mortgage payments.

  • To make reduced payments you’ll need to apply for a mortgage payment holiday of up to 3 months. You can apply for a new payment holiday of up to 3 months at a time, for a maximum of 6 months in total. 
  • You can send payments based on what you can afford during the holiday period. To make a reduced payment you can call our team on 0345 300 6086.
    Opening hours: Monday-Friday 8am-6pm, Saturday 9am-4pm, Sunday Closed. Excludes public holidays .

Your current payment holiday must have ended before a new one can be applied for and any application for a further payment holiday must be made before the 31st of October. This option closes on the 31st of October so no new applications will be accepted after this date.

3. If your income is temporarily affected and you can't afford to pay your mortgage payments, you can apply for a new payment holiday up to 3 months at a time, for a maximum of 6 months in total. 

Your current payment holiday must have ended before a new one can be applied for and any application for a further payment holiday must be made before the 31st of October. This option closes on the 31st of October so no new applications will be accepted after this date.

Even if you can afford a small amount, you should consider making reduced payments to help reduce what you’ll pay overall.

 

Apply for a payment holiday Make a reduced payment

Making an overpayment on you mortgage

If you wish to make an overpayment please call our team on the number below.

Please have your mortgage account number ready.

Phone: 0345 300 6086

Opening hours:

Mon-Fri 8am-6pm, Sat 9am-4pm, Sun Closed.
Excluding public holidays. 

Calls may be recorded
Calls cost up to 10p per minute plus up to 16p connection charge from BT lines
Calls from other networks may vary

Is your existing mortgage payment holiday coming to an end?

 

If you’ve had a 6 month payment holiday, please refer to the letter we sent you around 3 weeks before your payments are due to restart. It’ll include the different options and how we can provide help and support.

 

 

Important information

Before you apply for a payment holiday you should ensure that you are fully aware of the impact on your mortgage.

  • During your payment holiday, interest will continue to accrue which means you’ll pay back more over the full term of the mortgage.
  • When your payment holiday ends, your monthly payments will increase. We will provide you an estimate of these prior to commencing the payment holiday.
  • The term of your mortgage will not change.
  • A payment holiday will not have any negative impact towards your credit rating, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.
  • By requesting a payment holiday you are acting on behalf of all parties named on the mortgage.
  • By taking a payment holiday you will pay more over the lifetime of your mortgage. If you can afford to make some or all your mortgage payments, it's important that you do so as this will help reduce what you'll pay overall. You can do this at any time during the payment holiday.

    See our illustrative examples demonstrating the impact on monthly payments when taking a payment holiday up to 3 months at a time, for a maximum of 6 months in total.

Your current payment holiday must have ended before a new one can be applied for and any application for a further payment holiday must be made before the 31st of October. This option closes on  the 31st of October so no new applications will be taken after this date.

 

Have you already missed a payment?

If you've already missed a mortgage payment, before applying for a mortgage payment holiday, please visit our dedicate web page to help you understand the next steps.

Ready to apply

How to apply for a payment holiday

This option closes on the 31st of October so no new applications will be accepted after this date.

 

If you're applying for a further mortgage payment holiday, please do not apply until your current mortgage holiday payment comes to an end.

After your request has been submitted, you won't need to do anything else. 

  • Within 7 days we will email you to confirm when your payment holiday will take effect, and to give you an estimation of what your mortgage payment will increase to after the end of your holiday period. 
  • If you have a payment due in the next 14 days, we may not be able to amend this payment. We will confirm this after we’ve processed your request.
  • If you are able to make your next payment we recommend that you do so as normal but we understand that in some circumstances that might not be possible so, where a payment request fails, we will contact you to offer further support.

Our colleagues in contact centres are working incredibly hard in difficult circumstances. Please only call us if it’s absolutely essential, this will allow us to focus on those customers who need us most at this time. 

Mortgage payment holiday form

Frequently asked questions

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Icon expand What is a mortgage payment holiday?

A payment holiday allows you to stop paying your mortgage up to 3 months at a time, for a maximum of 6 months in total. It won’t have any negative impact on your credit rating, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information. You still need to make up these payments through the term of your mortgage.

Even if you take a payment holiday, and if you can afford to do so, you should, consider making some payment against your mortgage as this will reduce your outstanding mortgage balance and you’ll pay less interest over the lifetime of your mortgage compared to not paying any of your mortgage payments.

 

To make a reduced payment simply get in touch:

Phone: 0345 300 6086

Opening hours:
Mon-Fri 8am-6pm, Sat 9am-4pm, Sun Closed
Excluding public holidays 

Calls may be recorded
Calls cost up to 10p per minute plus up to 16p connection charge from BT lines
Calls from other networks may vary

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Icon expand Can I apply for a mortgage payment holiday?

You can apply for a mortgage payment holiday if:

  • Your ability to pay your mortgage has been temporarily affected by Coronavirus.
  • You’re up-to-date with all your monthly mortgage payments.
  • You have consent from everyone named on the mortgage.
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Icon expand What does this mean for my mortgage payments?

A mortgage payment holiday allows you to take a break up to 3 months at a time, for a maximum of 6 months in total from your mortgage payments. During your payment holiday, interest will continue to accrue which means you’ll pay back more over the full term of the mortgage.

You will still need to make up these payments through the term of your mortgage. 

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Icon expand Can I cancel my mortgage payment holiday?

Yes, you can cancel a mortgage payment holiday by completeing our online form.

Before cancelling your payment holiday, please ensure that you can afford your next mortgage payment.

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Icon expand I have already applied for a mortgage payment holiday, can I reapply for one?

Yes, if you have already applied for a mortgage payment holiday but you're still concerned about making your next payment, you could apply for a new payment holiday for up to 3 months at a time, for a maxiumum of 6 months in total. 

Your current payment holiday must have ended before a new one can be applied for and any application for a further payment holiday must be made before the 31st of October. This option closes on  the 31st of October so no new applications will be accepted after this date.

If your circumstances won't or are unlikely to improve, you may need to consider additional support.  Please get in touch to speak with our dedicated team.

Please do not apply for a new mortgage payment holiday until your current mortgage holiday payment comes to an end.

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Icon expand When does the payment holiday option come to an end?

The option comes to an end on the 31st of October so no new applications will be accepted after this date.

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Icon expand I have reached the end of my payment holiday and can’t apply for a new one but still can’t afford my mortgage, what do I do?

You can find more information about your options and the support available to you here.

 

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