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Newcastle Building Society Comment: Mortgage Payment Deferrals

 

Stuart Miller, customer director, Newcastle Building Society “It’s thought as many as 4.6 million people in the UK have had their income negatively affected as a result of the Covid-19 pandemic. We’ve been helping any customers impacted since the start of the outbreak and have provided flexibility to those struggling to pay their mortgage.

“During the first national lockdown, around 1 in 5 of our mortgage customers took up the option of a payment deferral for at least a month, most have now returned to their normal payment schedule as the crisis eased over the summer. But following the implementation of further Covid-19 restrictions in England, we know some customers will have new concerns about their ability to make mortgage repayments. We’re happy to offer help where it’s needed and our colleagues are ready to continue the service and support we’ve been providing since the coronavirus crisis started.

“Circumstances can change quickly so we’d encourage any borrowers worried about paying their mortgage to contact their lender to discuss the options available. It’s important to remember that interest will continue to build during any payment break, so a deferral should only be used when really necessary.”

[Debt Charity StepChange estimate that 4.6 million people have had their income negatively affected as a result of the Covid-19 pandemic] stepchange.org