As part of the measures to help you during this unprecedented time we are putting in place a process to allow you to apply for a mortgage payment break for an initial period of 3 months. When you receive a mortgage payment break, you don’t have to pay your monthly mortgage payment for the agreed period.
Interest will continue to accrue in line with existing terms and conditions which apply to your mortgage. A mortgage payment break will result in an additional cost of credit - this is the total cost of deferring the capital and interest repayments during the period. This will result in interest being charged on the interest accrued during the mortgage payment break.
At the end of your mortgage payment break your normal monthly payment will be recalculated to ensure your mortgage is repaid by the end of the original term. If you wish to extend the term of your mortgage, you should apply to do this and the Bank will assess your application.