Mortgage payment holiday | Coronavirus support | Ulster Bank

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Important information on coronavirus

Please note that our guidance for payments holidays has changed as of 1 April 2021. 

Mortgage payment holiday

 

As of 1 April 2021, you can no longer apply for a new payment holiday. You can apply for an extension to your existing payment holiday provided that you’ve not received the maximum of six months and there has been no break in the support taken. Any payment holiday extension offered after this date will stop on 31 July 2021, even if you haven’t reached the maximum of six months.

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.

Is your existing mortgage payment holiday coming to an end?

Before your payment holiday ends we'll send you a letter detailing your current balance, your new monthly payment amount and your next payment due date.

Your new mortgage payments will start again on your normal payment date. If you need additional support, please visit our dedicated page to find out more about your options.

Find out more about your options

Important information

Before you extend your 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.
Ready to apply

How to apply for a payment holiday extension

If you're applying for a mortgage payment holiday extension, 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 extension 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?

As of 1 April 2021, you can no longer apply for a new payment holiday. You can apply for an extension to your existing payment holiday provided that you’ve not received the maximum of six months and there has been no break in the support taken. Any payment holiday extension offered after this date will stop on 31 July 2021, even if you haven’t reached the maximum of six month

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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've already had a mortgage payment holiday, can I apply for another one?

As of 1 April you can apply for an extension provided that you’ve not received the maximum of six months and that there have been no breaks in the support taken.  Any payment holiday extension offered after this date will stop on 31 July 2021, even if you haven’t reached the maximum of six months.

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 mortgage payment holiday extension until your current mortgage holiday payment comes to an end. We’ll send you a letter detailing your current balance, your new monthly payment amount and your next payment due 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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