We wanted to keep you informed on how we are responding to Covid-19.
Hopefully your question will be answered below. But if not then give us a call on 0344 770 8032. We're experiencing high call volumes at the moment, so please bear with us while we do our best to help you and your clients during this challenging time.
We have taken the decision to temporarily suspend all new applications as from 31 March 2020. This is to allow us to focus on delivering support, including mortgage payment holiday arrangements, to our 38,000 borrowers.
On Tuesday 24 March, key valuation partners have announced that they are to suspend physical inspection of properties until further notice.
These are very difficult times for everybody and we respect their decision – we are certain that it has not been made lightly. We also expect that most valuation providers will follow suit
We cannot currently accept Automated Valuations, Desktop or Drive-by valuations. We are investigating viable alternatives, but in the meantime we will be unable to instruct new valuations until further notice.
Yes. As things stand today, a borrower may ask for, or require, a payment holiday immediately upon completion. We are seeing a very high take up of the mortgage payment holiday scheme. We are actively reviewing how we can address this situation on a case by case basis. (For more information on mortgage payment holidays for existing customers, please see below).
Our service remains as effective as ever, however we are now constrained by being unable to instruct valuations.
Given the current situation with valuations, we have also taken the decision to put all pre-valuation applications on hold until further notice.
We offer payment holidays (up to three months, and down to zero pay) to customers (buy to let and residential) who have or anticipate having payment problems as a result of Covid-19. We do not require evidence but we will have a conversation with each customer to understand their circumstances and explore what the most appropriate solution is. Any payment holiday will not have a negative effect on the customer’s credit file. A zero-pay three month payment holiday may not be the most appropriate option.
We are experiencing high call levels. We do not intend to offer an online mortgage payment holiday facility, as we believe it is important to have a conversation with each customer.
We will keep you informed during these challenging times.
A payment holiday will not impact your client’s credit score.
No. Failure to pay will affect their credit file negatively. Your clients must talk to us to arrange a mortgage payment holiday.
Your clients can find contact details and FAQs on our consumer website. In order to arrange a mortgage payment holiday, you must speak to us on 0344 770 8030.
Most of our staff are now working from home as we are geared up for this.
In addition, in order focus our efforts on mortgage payment holidays, we have advised our staff that we will furlough a number of our employees under the government Covid-19 Job Retention Programme. This means we will be asking these employees not to work during the month of April, during which time we can we can re-evaluate our product offering in this fast-changing environment.
As we will furlough a number of employees, it means that your normal Foundation contact may not be available during April. However, we will still provide support to you. Please call us on 0344 7708032 if you have any queries .