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Payment Holidays – How we can support customers

30th March 2020

If your clients are experiencing financial difficulties due to the current coronavirus situation, we’re here to help and are offering payment holidays for up to three months. Please direct customers to our website for more details.

As you’d expect, our contact centres are extremely busy at the moment, so using the website to request a mortgage payment holiday is the fastest way for one to be put in place. We’ve introduced a simple online form for impacted customers to complete. It takes just two minutes to complete and we will be in touch with your client directly to confirm when their payment holiday is set up.

Before going ahead with this, it’s important to remember that interest will continue to be charged during the payment holiday. At the end of the payment holiday period, we will work with our customers to agree the best way to repay any additional interest incurred and to make up any payments that have been deferred. This could include increasing payments over the remaining term or extending the overall term of the mortgage.

We will ensure that the payment holiday does not negatively impact credit files. A payment holiday isn't a missed payment so there are no penalties. If a customer misses subsequent payments, we will waive any fees or charges. Payment holidays are available to all residential and buy-to-let mortgage customers.

If you have any questions, please just give us a call.

The Clydesdale Bank Intermediary Team

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