To help our mortgage borrowers at this difficult time due to Covid-19, in line with government requirements, esbs will consider payment holidays for those in need.
However, a payment holiday may not be in the customer's best interests, as the account will still incur interest charges during the payment holiday, and so the balance will increase leading to higher future payments without a term extension.
Therefore, we will look to ascertain each individual's exact circumstances to ensure they receive the most appropriate guidance within the available forbearance measures, many of which the Society has been using over many years. This could include moving to interest only payments as an example.
If the borrower opts for a payment holiday, up to a maximum period of 3 months, it will be agreed by us and if they have spare funds, payments of any amount could still be made during this period.
We will return a zero payment (unless a higher amount is agreed through forbearance) to the credit agencies so that their credit rating is not affected, and no arrears will be applied (unless an agreed payment is not covered).
We will also verify individual Equifax extracts to ensure accounts have been reported correctly, and we will waive our usual fee for changing the mortgage term or type.
Existing mortgage customers can contact Earl Shilton Building Society on: 01455 844422

3 years ago
23 March 2020