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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. However, if you apply for credit or a mortgage elsewhere there are other ways lenders can tell whether you have taken a mortgage payment holiday, which could impact future lending decisions. Lenders may take into account other information when making lending decisions, including information provided by you or bank account information, for example.

At the end of the payment holiday we'll contact you and let you know your options for making up the payments you deferred during the holiday.

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 an owner occupier capital repayment mortgage of £100,000 over 25 years at Family Building Society’s variable Managed Mortgage Rate of 4.39% interest, your monthly payment after a 3 month payment holiday will increase by £9.14.

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.

What happens after you request a payment holiday?
Once you complete the form below, we will contact you and give you personalised examples based on your mortgage of how the payment holiday will affect the cost to the remainder of your mortgage term. If you're happy with this and it remains affordable, we'll then apply the payment holiday to your mortgage.

Please do not cancel the direct debit for your monthly mortgage payment without contacting us first at mortgage.service@familybsoc.co.uk. 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
Confirmation
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
Epsom
Surrey KT17 4NL
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