Among the many concerns caused by the recent outbreak of Coronavirus (Covid-19), we fully understand that our members may be feeling financial pressures.
What can the Marsden do to help?
We are committed to supporting our members through this difficult time so if you think you’ll have difficulties making your monthly mortgage payments because of the impacts of Coronavirus, we can help. A number of methods to support you may be available depending on your circumstances, including a concession on your monthly payments.
What is a concession?
A concession is a short-term reduction in your monthly payments, sometimes referred to as a payment holiday. We are able to offer a concession of up to three months, or extend an existing concession, depending on your circumstances.
Can I apply for a concession?
You can apply for a concession if:
- Your household finances have been affected by measures put in place due to Coronavirus, for example a reduction in working hours, temporary closure of firms, self-isolation due to having symptoms of the virus or caring for someone with symptoms
- You have consent from everyone named on the mortgage
Is a concession the best option for me?
It is important to note that a concession is a temporary reduction in your normal monthly payments, and the amount owed will still need to be repaid and attract interest until it is repaid.
This means that unless you come to an arrangement to repay the concession, your mortgage payments will be recalculated when your concessions ends, meaning your monthly payments may increase. In this case, the total amount of interest you pay over your mortgage term will increase.
If you have specific needs due to health conditions or other circumstances, for example, caring responsibilities or language difficulties, please get in touch with us to discuss how we can best support you.
Will taking a concession affect my credit score?
Your credit file will not be marked with an adverse status in respect of any concession taken, however lenders may take into account other information when making future lending decisions, for example, information provided by applicants or bank account information.
How can I apply for a concession?
After your concession ends
We will write to you before the end of your concession period, to let you know that you are nearing the end of your concession period and to advise you of the various options available to you to repay the amount of concession claimed. This can include adding the concession amount to your mortgage balance and paying it back over your remaining mortgage term, extending the term depending on your circumstances, or making a lump sum payment.
I’ve already taken a concession on my mortgage payments but my circumstances have not changed
If you have had a concession for up to three months and your income is still impacted by Coronavirus measures, you can apply for an extension of your concession of up to three months. Please complete the form above, or contact us to discuss this.
I’ve taken a concession but now I will not be returning to work
If your situation has changed from a short-term impact on your income or ability to pay your mortgage, for example, by being furloughed by your employer, to a longer-term impact, for example, losing your job, please contact us and we will discuss your circumstances and the options available to support you.
Where can I get advice?
Should you need help or advice in managing your finances during this period, support is available through the following websites:
Citizens Advice Bureau: www.citizensadvice.org.uk
Stepchange Debt & Budgeting Advice: www.stepdebtsupport.co.uk
Money Advice Service: www.moneyadviceservice.org.uk
Financial Conduct Authority: www.fca.org.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE