Coronavirus Update

To all landlords:

Mortgage and Rental Payment Holidays

It has recently been announced that eligible landlords may be able to apply for a three month mortgage payment holiday. To be clear, a “holiday” simply defers payment into the future, usually adding additional interest. Most landlords are yet to establish if their lenders are offering payment holidays and are naturally worried about being able to pay their own mortgages as well as their buy to let mortgages should they be similarly affected by the viral outbreak. Other landlords may rely on their rental income as their only source of income to live themselves, therefore communication is absolutely vital to allow us to find a way forward together.

Mortgage payment breaks are only being offered to landlords whose tenants are experiencing financial difficulty due to the Covid-19 outbreak and as such, you will need to provide us with the following information to allow your landlord to apply (if they have a buy-to-let mortgage):

  • Sign off note from Doctor (obtainable via 111)
  • Comparable wage slips showing a decrease in income or SSP payments
  • Bank statements for comparison showing the same decrease in income
  • Letter from your employer showing reduced hours/layoff
  • Letter from your accountant confirming a reduction of income
  • Copy of benefits claim

Similarly to a mortgage payment holiday, the rent will be deferred rather than written off. It will still be owed and accrue on your account so anything you can do to minimise the debt will help you in the long term.

Should you wish to apply for a payment holiday (or temporary reduction/deferment of part rent), we ask that you put forward a payment plan for us to take forward to your landlord on your behalf.

To all tenants:

At the time of writing, it is a tenants’ responsibility to contact their local authority if they are having difficulty in making their rental payments. You need to do this to access any benefits available to you and make yourself aware of any Government schemes that may assist with rental payments over the coming weeks.

We believe all help will come via the benefit system, so it is important to claim as early as possible if you are experiencing hardship. In addition, if you are not working due to contracting Covid-19, you should be eligible for additional statutory sick pay.

If you have life/illness insurance cover you should contact your insurer and those tenants who are self-employed should contact their insurer accordingly to see if there are any necessary provisions for interruption of work within their policy.

  • Sign off note from Doctor (obtainable via 111)
  • Comparable wage slips showing a decrease in income or SSP payments
  • Bank statements for comparison showing the same decrease in income
  • Letter from your employer showing reduced hours/layoff
  • Letter from your accountant confirming a reduction of income
  • Copy of benefits claim