Where a Fixed Rate or the term itself is expiring, £ for £ product switches will be permissible for customers who are currently on, have applied for or have recently completed a Payment Holiday – the application can be underwritten during the payment holiday but the customer must have exited the holiday payment period before the switch can be completed.
Where a customer requests any additional lending or a fundamental change to product, this will not be considered until they have completed their payment holiday and made at least two subsequent payments in full after the holiday expired
If a customer does not wish to wait until the end of the agreed payment holiday and are only part way through, they will need to cancel the payment holiday and make up any payments that have been deferred before we can consider any additional lending
They must also evidence sustainability of income during the holiday period via bank statements/up to date proof of income. Until this is provided, we cannot proceed or consider an application
Where a customer is requesting both additional lending and a payment holiday, they will need to select one of these options only – not both
4 years ago
27 August 2020