Coronavirus (Covid-19) Mortgage Information
With the impact of Coronavirus being felt across the country, our aim is to ensure your peace of mind when it comes to your money.
We understand that many people may be worried about their finances at this time. Together, we are working with the Government to make sure that we are giving you the support you need with your mortgage payments.
We are all working hard to maintain the best service we can for you. As you can imagine, our telephone lines are exceptionally busy at the moment. This means that those who need us the most right now - those who are most financially vulnerable – are struggling to get through. Normally, we would ask more of our teams to come in and help, but in these unprecedented times, our employees are facing the same challenges that we all are, so we simply can’t. Due to these high levels of demand and staff having to work from home, we are asking for your help too.
You should speak with us in good time before your next payment is due.
- Ask yourself: Do I need to talk to Saffron today?
- Can I do what I need to do using the Saffron Website?
- Can I ask this question by email? If you can, then contact us at firstname.lastname@example.org
Due to extremely high call volumes we are only able to speak to customers in the most vulnerable situations, and who cannot make their next mortgage payment. If your payment is not due within the next 7 days or you are able to make your next mortgage payment, please allow those who need emergency help to receive it.
If you are worried about meeting your mortgage payments, we can offer a variety of solutions, including "payment holidays". The easiest way to request a payment holiday is to complete our on-line form below.
A "payment holiday" means you agree with us that you will not have to make your mortgage payments for a set amount of time. Whilst your mortgage contract with us does not feature "payment holidays" as an option, we understand that the coronavirus situation will have created difficult financial situations for many of our members, which is why we are now offering the option of a payment holiday for up to three months for additional support in these exceptional circumstances.
You must be up-to date with your payments for us to consider you eligible for a "payment holiday". If your account is in arrears we may still be able to help you, but we will need to talk to you first to assess your circumstances and work together to find the best solution for your needs and your best interests.
It is important to remember that you still owe the amounts that you don’t pay as a result of the payment holiday: Interest will continue to be charged on the amount you owe. This means that, at the end of the payment holiday, you will have to make up the missed payments. If you are able to make part of your normal mortgage payment to reduce the money you owe, then we advise you to consider doing so.
You should not apply for a mortgage payment holiday if you are not experiencing or do not reasonably expect to experience payment difficulties.
How will the missed payments be repaid?
If you are currently up-to-date with your mortgage payments, at the end of the payment holiday we will recalculate your monthly payment based on your outstanding balance and remaining term. We will do this automatically unless you tell us this is not what you want to do (‘opt-out’) and you would like to discuss possible other ways to repay the unpaid instalments. If you want to discuss other possible options, please wait for us to contact you.
If you decide to add the unpaid instalments to your existing balance, your payments will increase and the amount of interest you pay over the term of the mortgage will increase – we will tell you the amounts before the end of the payment holiday. If you choose this option and you think you are going to struggle with the new payments then let us know and we can discuss other options with you at that time.
We want to ensure that payments are affordable for you, so if you currently have arrears on your mortgage, we will contact you before the end of the payment holiday to agree on how to repay this money. In order to do this, we will need to assess your individual circumstances, including your income and expenditure and arrange a specific agreement to pay.
What evidence do I need to provide
If you are currently up-to date with your mortgage, all you need to do is tell us how your income has been affected, either directly or indirectly.
If you currently have arrears on your account, we will need to speak with you to understand your individual circumstances.
Buy to Let Mortgages
We can consider a payment holiday if your tenant has been affected. The payment holiday is intended to support your tenant whilst they are impacted by the Coronavirus, and you are expected to pass on this relief on to your tenant to ensure they are supported during this time.
What to do about Direct Debits
You should not cancel your direct debit without confirming the payment holiday with us first. Cancelling your direct debit without speaking to us does not qualify as a payment holiday and will be counted as a missed payment. The payment holiday will only take effect once you have spoken to us and come to an agreement.
Your credit file
Taking a payment holiday will not have a negative impact on your credit file.
If your account hasn’t been in arrears prior to or after the holiday and you meet our usual criteria, we can arrange a product switch for you.
We have temporarily stopped repossession actions. However, interest will continue to be charged, which means it is likely that you will get less back in the event of your property being repossessed and then sold by us.
If property prices decrease between now and the time your property is sold, then you may get even less back, or nothing if your property is sold for less than you owe.
How to Apply
- Complete our on-line form below. We will aim to get back to you within 7 working days.
- If your payment is due in the next 7-days, or you wish to speak with us about other options, please telephone 0800 072 1100 and select the option for the Arrears team.
Payment Holiday Request Form
Thank you for your request.
We aim to get back to you within seven working days.