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We know that the effect of the coronavirus means you might be worried about how your finances will be affected, and perhaps, how you'll be able to afford paying your mortgage. As a result, we're offering our mortgage members the ability to take a break (or holiday) from paying their mortgage for up to three months.

What taking a payment holiday means
If you take a mortgage payment holiday, you won't make any mortgage payments for up to 3 months. But it's not free money. We'll add anything you don't pay now onto the balance of your mortgage. This means that your mortgage balance and your monthly payment will increase, and we'll recalculate this over the rest of your term. You don't have to pay a fee for taking a mortgage payment holiday, and it won't have a negative effect on your credit score. 

At the end of the payment holiday we'll contact you to assess your circumstances, including your income and expenditure. We'll then make an arrangement with you to either repay what you didn't pay during the holiday, or recalculate your new monthly payment based on your increased mortgage balance. 

It's important you understand that as a result of taking a payment holiday, your mortgage payments will increase, possibly for the remainder of your mortgage term. You'll also pay more interest in total than you otherwise would have done.

As an example, for a capital repayment mortgage of £100,000 over 25 years at Family Building Society’s variable Managed Mortgage Rate of 5.04% interest, your monthly payment after a 3 month payment holiday will increase by £10.44.

Are you eligible for a payment holiday?
We're offering a mortgage payment holiday to all mortgage members. If you're already behind on your mortgage payments with us, known as being 'in arrears', please call us first so we can discuss your specific circumstances. You can contact us on 03330 140146.

There are other alternatives to taking a payment holiday too, so if you're concerned about your current financial situation or feel that you can still contribute something towards your mortgage, but not the full amount, please get in touch with us as soon as possible to discuss what alternative options may be suitable for you.

Please do not cancel the direct debit for your monthly mortgage payment without contacting us first at  Cancelling your direct debit will not create a payment holiday and missing a mortgage payment will have an adverse effect on your credit history.

Mortgage payment holiday request form

* Indicates required information
For mortgaged property that is let out, by submitting this request for a payment holiday I confirm that my tenant’s income has been impacted by COVID-19 and that I will pass on the mortgage payment holiday relief to my tenants to ensure that they are supported during this time.

We use and retain details about you to respond to your enquiries, for research or analysis, and to check for mortgage eligibility. To find out more, you can read our privacy policy.
Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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