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Mortgage payment breaks

We recognise that these are unprecedented and difficult times for our customers.  That is why we are offering customers who are impacted by the Coronavirus situation the ability to self-certify if they need help.

The Society can automatically issue a three month payment break if you are up to date with your mortgage payments and you are:

  • A residential mortgage customer who has been directly or indirectly affected by the Coronavirus situation, or
  • A buy to let mortgage landlord whose tenants have been directly or indirectly affected by the Coronavirus situation

This means that for a three month period, we will not collect your mortgage payment and your credit file will not be adversely affected.  During this payment break, interest will accrue and this may result in you paying more interest in total over the life of your mortgage.

Hinckley & Rugby Building Society encourages you to think about your financial situation and whether you think you will be in need of this support immediately or in the near future.

Although the Society is able to automatically issue a three month payment break to your mortgage, it is currently unknown what impact the Coronavirus situation could have after this time and you may wish to take the following points into account when deciding if this is the right option for you:

  • Any savings you might have in place
  • How you would cope with an increase to your normal mortgage payment when your payment break comes to an end
  • As your mortgage is a priority debt, you should contact your other financial services providers to check what support is available from them
  • At what point taking the payment break would be most beneficial for you

Whilst the payment break is in place you can still make payments to your mortgage.  Any payments you do make will be offset against the deferred payments, meaning that there will be less to pay back after the three month payment break has ended.  This will also reduce the amount of accruing interest.

The Society will contact you again towards the end of the three month break to assess your circumstances and agree a manageable way for you to repay the deferred payments.  If we are unable to make an affordable arrangement, the Society will look at further ways we may be able to assist you to recover you to a sustainable position on the mortgage.

If you wish to self-certify having taken all of the information above into account please complete the form below.  Please only complete this form if you have read and understood the above information and are ready to proceed with the payment break. Please click here if you are just making a general enquiry or need further information.

If you prefer, we can complete a full assessment of your circumstances to see if this is the most suitable solution for you or if there are alternative options that might be more appropriate.  If you would prefer to do this, please contact us and a member of our team will be in touch as soon as possible.

Mortgage payment break