Coronavirus related payment holiday requests and other FAQs

We are experiencing unprecedented levels of calls to our customer service team in relation to coronavirus  payment holiday requests. We are doing everything we can to answer each and every enquiry. We understand this is an incredibly challenging time and we want to reassure you that we are working hard to provide our customers with the information they need as quickly as possible

We have put together the following Frequently Asked Questions which may contain the information you are looking for

Should I cancel my regular mortgage payment (e.g. Direct Debit or Standing Order) during the payment holiday?

No. We will automatically adjust your Direct Debit for the duration of the agreed payment holiday, we will write to you to confirm when this will restart and the amounts due.

If you pay by Standing Order, you will need to arrange with your Bank to amend the next payment date to reflect the duration of your agreed payment holiday, again, we will confirm this to you once your payment holiday request has been accepted.

Please be aware you should not cancel your regular payment as this may result in a breach of your Mortgage Terms & Conditions. 

If Iā€™m affected by the Coronavirus (Covid-19) and unable to meet my mortgage payments, can I apply for a payment holiday?

Yes. If you may potentially experience payment difficulties due to COVID-19 and wish to request a payment holiday, please complete the online request form and we will be in touch to confirm acceptance of your request in 2-3 working days.

Alternatively call our Mortgage Services team on 0344 892 0155.  As you can appreciate, we are currently experiencing unprecedented levels of calls in relation to mortgage payment holidays and so we are doing everything we can to answer every query

 

 

 

What does a payment holiday mean?

As a result of COVID-19, Vida Homeloans will allow you to have a break from your monthly mortgage payment for up to three months.

The payment holiday means that your payment is deferred to a later date. It’s important to remember that you will still owe the outstanding balance and that interest will continue to accrue whilst the deferred payments remain unpaid

If I apply for a payment holiday, do I need to provide any proof?

No. Vida Homeloans recognises that these are unprecedented and difficult times for customers. We are offering our customers who are potentially impacted by COVID-19 the ability to self-certify if they need help. It’s important to remember you will still owe the outstanding balance and interest will continue to accrue whilst the deferred payments remain unpaid. 

Can I pay something rather than nothing?

Yes. It may be in your best interests to pay something rather than nothing to prevent the accumulation of interest and so if you can afford to make a part-payment, you may wish to consider doing so as this will reduce the amount of interest accrued during this period.

 

If I take a payment holiday, will my credit score be affected?

No. An agreed payment holiday will not affect your credit score. 

If I take a Coronavirus related payment holiday, can I take another payment holiday in the future?

No. Vida Homeloans has only temporarily allowed payment holidays as a result of COVID-19. Vida Homeloans does not normally allow payment holidays.

What if my account is currently in arrears, can I still apply for a payment holiday?

Yes. All borrowers can apply for a payment holiday as a result of COVID-19, please complete the online request form and we will be in touch to confirm acceptance of your request in 2-3 working days.

Alternatively call our Mortgage Services team on 0344 892 0155.  As you can appreciate, we are currently experiencing unprecedented levels of calls in relation to mortgage payment holidays and so we are doing everything we can to answer every query

Are there any schemes which are excluded, for example Help to Buy?

No, all schemes are currently available for a payment holiday if borrowers are affected by COVID-19.

Do payment holidays apply to Buy to Let customers?

Yes. Please note the expectation is that the relief is passed on to your tenants.

 

 

 


As an alternative to a payment holiday, could I change my mortgage to interest only?

Vida Homeloans will consider changing your repayment method temporarily from capital & repayment to interest only. We will need to do a full affordability assessment before we can do so. If your query is urgent, please call our Mortgage Services team on 0344 892 0155