Birmingham Midshires COVID-19 Information

3 month payment holiday details

The payment holiday will apply if customer is up to date on their payments, and they can confirm that they’ve been affected – directly or indirectly – by Coronavirus.

How to apply

Visit the information resource here https://www.bmmortgages.co.uk/

How will the payment holiday affect my mortgage ?

After the 3 months the payments they would have made are capitalised and added to the total balance of the remaining loan. At this point a recalculation will be done to take in to account the additional balance and generate a new monthly payment for the customer moving forward.

Will the payment holiday affect my Credit Score ?

No – But it’s important NOT to cancel your Direct Debits before you have spoken to us to arrange a payment holiday as this could be registered as a missed payment on their credit file.

Remortgaging during payment holidays

TBC

Product Switches during payment holidays

TBC

Product Switches are completely free with Switch Rates – to check your eligibility send us an enquiry.

Lending Restrictions

TBC

Useful Links & Contact Numbers

Birmingham Midshires COVID-19 Information https://www.bmmortgages.co.uk/

UK Government COVID-19 Information site https://www.gov.uk/coronavirus

Money Advice Service adminPosted on April 4, 2020 | Categories Birmingham Midshires, COVID-19 Mortgage Information | Tags , ,