If you are a Landlord and think you’ll struggle to make your monthly mortgage payments specifically because of Coronavirus, we can help you by offering a 3-month payment holiday.

What is a payment holiday?
A payment holiday allows a borrower to defer mortgage payments for an agreed period. It is important to remember that you still owe that money and the interest on your mortgage still accrues during a payment holiday. At the end of the payment holiday Fleet Mortgages will contact you to assess your circumstances and agree a repayment plan for the arrears accrued.

Eligibility:
A payment holiday will be available to customers who are up to date on their mortgage payments, and who have lost income because of the impact of Covid-19.

How do I apply:
If you are concerned about making your mortgage payments during this time you should contact us as soon as possible. Typically, you will not need to complete an application; you will need to self-certify that your income has been either directly or indirectly impacted by Covid-19. You will also need to self-certify that your tenant’s income has been impacted by Covid-19. Landlords are expected to pass on this relief to their tenants to ensure that they are supported during the Coronavirus crisis.

If you are a landlord, who owns four or more properties, we will require additional information to support your request for a payment holiday. You will be asked to complete our standard income and expenditure form, as well as providing a declaration from your tenant confirming that they have lost income as a result of COVID-19. The information you provide will allow us to process your request observing UK Finance guidelines, whilst also ensuring that Fleet Mortgages has the necessary information to consider whether a payment holiday is the most suitable option available to you.

Should I cancel my direct debit?
If a payment holiday is approved, no direct debits will be collected during the agreed period, accordingly please do not cancel your direct debit.

Cancelling your direct debit prior to a payment holiday being approved, could count as a missed payment and adversely affect your credit rating. A missed payment will also affect your eligibility for a payment holiday.

When will the payment holiday take effect:
Where we can, we’ll start your payment holiday from your next payment. However, if your next payment is due in the next few days, your payment holiday may start the following month. We’ll confirm the details when we write to you confirming your payment holiday. We’ll aim to get back to you as soon as possible, but please allow up to 7 working days from the date you submit your payment holiday application.

During the payment holiday period:
You will not have to make any monthly mortgage payments for a set amount of time, in this case up to three months. Arrears fees will be waived during the payment holiday period.

After the payment holiday ends:
At the end of the payment holiday a member of the Fleet Mortgage Services team will contact you to assess your circumstances. Repayment of the arrears will be agreed on a case by case basis.

To proceed, please download, complete and return the relevant PDF document below to:

mortgageservices@fleetmortgages.co.uk