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
Customers need to visit our website and complete a form – currently around 7 working days to get back to customers https://www.hsbc.co.uk/guides/borrowing/what-is-a-payment-holiday/
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
Product Switches during payment holidays
Product Switches are completely free with Switch Rates – to check your eligibility send us an enquiry.
Offers will be extended on a case by case basis by 3 months, subject to eligibility criteria and confirmation their circumstances have not materially changed.
Useful Links & Contact Numbers
HSBC COVID-19 Information https://www.hsbc.co.uk/guides/borrowing/what-is-a-payment-holiday/
UK Government COVID-19 Information site https://www.gov.uk/coronavirus
Money Advice Service https://www.moneyadviceservice.org.uk/en/articles/coronavirus-and-your-money