Payment Holiday Information
How to apply for a payment holiday on your Swansea Building Society mortgage
Please click on the following link for more information: Mortgage Payment Holiday Notice
Coronavirus (COVID-19) 3 Month Mortgage Payment Holiday
As we continue to feel the impact of the Coronavirus across the UK, the Society has helped many of our mortgage customers during these unprecedented times by offering a 3-month mortgage payment holiday. As this payment holiday period will be coming to an end shortly, we are committed to keeping our customers informed about what happens next to get their mortgage payments back on track.
We will be writing to all customers one month prior to their mortgage payment holiday ending, to let them know what their new monthly mortgage payment will be, and when the new mortgage payments will begin, and offering the following options:
The monthly interest charged to the mortgage during the 3-month payment holiday period will be added to the mortgage balance and repaid over the remaining term of the mortgage.
This means that you will see an increase in your monthly mortgage payments once your mortgage payment period is over and the amount of interest payable under your mortgage contract will have increased.
You may opt out of capitalising the interest and discuss an alternative arrangement directly with a member of our staff, which will suit your individual circumstances.
If you are worried about paying the new mortgage payment our mortgage administration team will be able to discuss your options further, based on your individual circumstances.
Here is a flow chart to help you decide the best option for you. (Click here for a larger version).
When will I be written to regarding the options?
- For customers re-commencing their mortgage payments in June, we will be writing to you in early May;
- For customers re-commending their mortgage payments in July, we will write to you in early June; and
- For customers re-commencing their mortgage payments in August, we will write to you in early July.
Please can we ask you to not contact us before receipt of the letter you will shortly receive from us as detailed above unless you cannot afford to re-start your mortgage payments on the due date.
If you normally pay by direct debit, we will automatically collect your payment from your bank account. If you don’t pay by direct debit or have cancelled your direct debit, you will need to make other arrangements to make the payment.
We appreciate you might be concerned about the impact of coronavirus and want to reassure you that we are here to help you with any concerns you have about your mortgage.
Remember, during April we wrote to you to confirm we have reduced all of our existing customer mortgage interest rates with effect from 1st May 2020 to further help our customers with their future monthly mortgage commitments.