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Nearly 100 lenders change criteria after mortgage payment holidays announced

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  • 20/03/2020
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Nearly 100 lenders change criteria after mortgage payment holidays announced
Some 91 lenders have made 926 criteria updates in the 48 hours since the government announced that borrowers would be allowed a three-month mortgage holiday if they were financially impacted by the Covid-19 outbreak.

 

Knowledge Bank said the majority of these changes had been to allow mortgage holidays on products which previously did not have such conditions.

Some 32 lenders confirmed they will provide borrowers with a payment holiday, but most require the borrower to get in touch directly and have set up dedicated telephone lines and numbers to accommodate this. 

Brokers will be able to access these numbers from Knowledge Bank’s Covid-19 Live Feed, however lenders are not currently permitting brokers to make contact on a client’s behalf. 

 

New practices 

Lenders have made use of different channels to allow borrowers to make contact, with Penrith Building Society inviting customers to get in touch through Facebook messenger. 

The society said no financial details would be shared over the platform, but borrowers will be able to request payment holiday and give a summary of their circumstances. 

Chorley Building Society and Nationwide have provided forms that brokers and borrowers can download and send back.

Coventry Building Society, Ipswich and Together are allowing customers to self-certify that they have been impacted by Covid-19 with no further validation required. 

Nicola Firth (pictured), founder and CEO of Knowledge Bank, said: “We will work with the lenders over the coming days and weeks to constantly keep the live feed updated with each lender’s approach and criteria.” 

 

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