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 by offering a concession on your monthly payments based on your circumstances.
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 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.