Coronavirus: Mortgage payment break

If your client thinks they’ll struggle to make their monthly mortgage payments because of coronavirus, we can help them by offering our members a three month mortgage payment break.

Is a mortgage payment break the right option?

There are a number of ways to get help with mortgage payments. Some of these may be more suitable for your clients situation than a payment break.

Visit our Home Support Hub for the full range of options

If your clients are thinking about a mortgage payment break, it’s important to note the following:

  • Interest will continue to build at their usual interest rate during the payment break. This means the total amount of interest will go up, increasing the overall cost of their mortgage.
  • Taking a payment break won't affect their credit rating. But lenders may ask about payment history and take this into account when making future lending decisions.

We'll continue to offer mortgage payment breaks until at least 31 October. This is in line with government and regulatory guidelines.

If your clients are not struggling because of coronavirus, and are still able to make their mortgage payments, then they should continue to do so.

Your client will still be able to switch their mortgage when on a payment holiday.

To see an estimate of the impact of a mortgage payment break then this independently published mortgage payment break calculator may be useful.

You’ll be directed to an external website where you’ll get a representative illustration of what your client’s future payments will look like. Actual payments and what they will repay over the term of the mortgage may differ.

Apply for a payment break

Where we can, we’ll start their payment break from their next payment. If their next payment is in the next few days, their payment break may start the following month.

Once the payment break has been applied to their account, we’ll write to them confirming the start date.

Please visit the TMW customer website to see how your client can request a payment break and for more information. 

If, after applying, they decide they no longer need a payment break, they can contact our Mortgage Support on 0345 606 40 60 to cancel their payment break.

What happens when my clients mortgage payment break ends?

When their 3 month payment break ends, we’ll write to them to let them know their new monthly payment. We’ll also let them know what options are available if they need more help to get back on track with their payments.