End of coronavirus payment holiday

Mortgage support

What to do when your payment holiday is 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.

If you can afford to make your next payment, you don’t need to take any further action. Your new payments will resume on your regular payment date.

If you can't afford the new amount, we can help in a number of ways, depending on whether the changes to your financial situation are temporary or more permanent.
Be sure to go through your options carefully to work out which one is the best one for you, especially as some options will affect your credit file.
If you would prefer to talk through your options, please refer to the letter we sent you so you can call us. Please be aware there may be a delay in getting to your call due to us helping lots of customers.

Please note if you don't take any action, your new payments will resume on your regular payment date.

Apply for further temporary support

If your income has been temporarily affected by coronavirus and you're still concerned about making your next payment we are here to help.

I can afford to pay some of my mortgage

If your income is temporarily impacted and you can afford to make reduced monthly mortgage payments, we are here to help. To do this, you can apply for a mortgage payment holiday up to 3 months at a time, for a maximum of 6 months in total and pay into your mortgage account what you can afford, whenever you are able during the holiday period.

To make a reduced payment you'll need to apply for a mortgage payment holiday. You can then send payments based on what you can afford during the holiday period by calling us.

Step 1 - Mortgage payment holiday

When you request a further payment holiday we'll show you how your monthly payments could increase when you apply. The amount depends on your mortgage balance, remaining term and interest rate. For example, a customer with a balance of £150,000 with 15 years left to pay and an interest rate of 2% could pay an extra £20 a month for every 3 months of a payment holiday, if they don't make additional payments.

You'll owe any missed payments and interest built up during the payment holiday, which means you’ll pay back more over the full term of the mortgage.
Your credit file won't be affected by taking a payment holiday, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.

Step 2 - Making reduced payments

If you can afford to make some or all of your mortgage payments, it's important that you do so. You can pay up to your new regular monthly amount for each month you’re on the payment holiday. This way you'll pay less overall at the end. These payments won’t be included as part of the maximum amount you can overpay before being charged early repayment charges.

You can make a reduced payment by calling us on 0345 300 6086.

Apply for a further payment holiday

I can't afford to make any payment

If you are unable to make your next payment, you can apply for a new payment holiday for up to 3 months at a time, for a maximum of 6 months. Even if you can afford a small amount, you should consider making reduced payments to help reduce what you'll pay overall.

Mortgage payment holiday

When you request a further payment holiday we'll show you how your monthly payments could increase when you apply. The amount depends on your mortgage balance, remaining term and interest rate. For example, a customer with a balance of £150,000 with 15 years left to pay and an interest rate of 2% could pay an extra £20 a month for every 3 months of a payment holiday, if they don't make additional payments.

You'll owe any missed payments and interest built up during the payment holiday, which means you’ll pay back more over the full term of the mortgage.
Your credit file won't be affected by taking a payment holiday, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.

Apply for a further payment holiday

Add your signposting title here… Long term repayment arrangement

If you already know your circumstances won't or are unlikely to improve and you wouldn't be able to start repayments after a further payment holiday, please get in touch as soon as you can so we can help.

We may be able to set up a repayment arrangement which would allow you to reduce your mortgage repayments. However, whilst this will make your monthly payments more affordable, it could impact your credit score and you may be charged more interest. You can get a copy of your credit file from one of the credit reference agencies.

Get in touch

Get in touch We're here to help

To speak to our dedicated team call us on 0800 001 5722 or 0345 301 6910 (best for mobiles with inclusive minutes)

Lines are open:

Monday to Friday: 8am - 8pm
Saturday: 9am - 5pm
Excluding public holidays. Calls may be recorded.

We are currently experiencing extremely high call volumes as our customers and colleagues adapt to the impacts of Coronavirus (COVID-19). Please bear with us, we're doing our very best to get to you as soon as we can.

Other options available

Switch to a new mortgage deal

You might be able to reduce your monthly payments by switching your mortgage deal.

If you're eligible, you can choose a new deal with us even if you've taken a payment holiday. Depending on your current interest rate, this may lower your monthly payments and/or give you certainty about the future cost of your mortgage.

As long as you’re not looking to borrow more, we won’t complete any new credit or affordability checks, and we won’t automatically recalculate your property Loan to Value.

Extend the term of your mortgage

It may be possible to lower your monthly payments by extending your mortgage term.

It’s worth remembering that, as your mortgage will be paid off over a longer period, the amount of interest you will pay over the lifetime of the mortgage will increase.

We’ll carry out an affordability assessment as part of your application. If you’d like to discuss extending your term please contact us on 0345 300 6086.

Add your signposting title here… Independent support available

If you’ve got other debts in addition to your mortgage, you can get free debt advice. We partner with PayPlan (a third party company), who can offer you free confidential advice for all of your debts.

Start your journey with PayPlan

Other independent organisations who can help section

Citizens Advice

Free advice on debt, benefits, housing, legal matters, employment and general consumer advice.

Money Advice Service

Free advice on debt, divorce/separation, setting up a new home, care & disability.

GOV.UK

Government support for landlords and renters reflecting the current coronavirus (COVID-19) outbreak.

Housing Executive

Coronavirus (COVID-19) advice for renters and landlords from the Housing Executive.

Financial Conduct Authority (FCA)

Free advice on mortgage lenders and administrators during the coronavirus (Covid-19) pandemic.

Stepchange Debt Charity

Free advice on bankruptcy, charging orders, employment, benefits, money management and mortgage/repossession support.

Shelter

Free advice on housing, debt, benefits, eviction & homelessness.

National Debt Line

Free and confidential advice on debt.

Advice NI

Free, confidential and impartial debt and money advice from Advice NI

Common questions and how we can help

What will happen when I call you and what information will you need?

When you call, a member of our friendly, experienced team will talk through your income and spending. So we can get a clear picture of your financial situation, please have the following information to hand - you should be able to find it all on your mortgage paperwork, bank statements or in digital banking.

• Your Mortgage Account Number

• Your monthly income (including any benefits, overtime or bonuses you’ve received) and how this has or will be impacted by coronavirus

• Your monthly household spending (including all of your bills and expenses)

• The number of organisations you owe money to and the amount you owe

• Details of any other outgoings

Don't worry, any sensitive information you give us (for example, medical conditions) will be treated completely confidentially and we’ll never use this information in future applications you make.

Once we've got those details, we'll be able to help you get your finances back on track and support you through the process if you want.

What options and arrangements are available?

We can help you in lots of ways. You can look at taking a coronavirus payment holiday, changing your payment date, paying back the money you owe over a longer period of time or only in part for a set time, to help you get back on track.

We can work out which options are available to you depending on your circumstances and the terms and conditions of your mortgage with us, so you can pick the right option for you.

What will happen if i don't get in touch with you when I can't pay?

It’s really important to talk to us as soon as you’re aware of any potential problems so we can help you as quickly as possible. If you don't get in touch with us and you miss a payment, we’ll try to contact you to discuss your situation.

If we can’t get in touch as a last resort we may have to take legal action to repossess your property but this will only happen if we can’t work together to solve the problem, so it is always best maintain contact with us and pay as much as you can.

Can I switch to an interest only mortgage?

We do offer interest-only mortgages, but if you’re facing financial difficulties this could mean you’re unlikely to be eligible for this type of mortgage.

We may be able to consider a reduced repayment arrangement if you experience an unexpected lifestyle change beyond your control which impacts your ability to make repayments, such as unemployment or serious illness.

Will missing a mortgage payment or arranging an arrears payment plan affect my credit file?

If you miss a payment on your mortgage, it will be reported to the credit reference agencies and that could affect your ability to get credit in the future.

If you’re on a mortgage arrears repayment plan, this will show on your credit file. You can get a copy of your credit file from one of the credit reference agencies.

If you're on a planned coronavirus mortgage payment holiday, however, your credit file won't be affected.

Is there anyone else I should contact

Once you've told us about any problems, it’s important to make sure you tell other people paying or guaranteeing the mortgage what’s happening.

It’s also a good idea to see if you can get any state benefits or tax credits. If you have an insurance policy, check whether it will help you with your payments. You might also find it useful to contact a free debt advice organisation.

Get in touch We're here to help

We're currently experiencing extremely high call volumes at the moment, so please bear with us.

You can call us on 0800 001 5722 or 0345 301 6910 (best for mobiles with inclusive minutes)

Lines are open:

Monday to Friday: 8am - 8pm
Saturday: 9am - 5pm
Excluding public holidays. Calls may be recorded.

End of coronavirus payment holiday | Additional mortgage support | Ulster Bank