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Mortgage payment holidays: next steps

See what your options are as your payment holiday comes to an end

Before your payment holiday ends, we’ll get in touch by letter to explain your options. If you haven’t heard from us yet you can see your options below, but you’ll need to wait until you receive this letter before deciding what you want to do.

Before your payment holiday ends, we’ll get in touch by letter to explain your options. You’ll need to wait until you receive this letter before deciding what you want to do.

The letter you receive will let you know your new monthly payment. You may find your monthly payment will increase after your payment holiday. That’ll be because:

  • interest has continued to accrue and been added to your outstanding mortgage balance during your payment holiday
  • there will be fewer months of your mortgage term remaining for you to repay your balance

If you have any questions around the information in your letter, take a look at our Frequently Asked Questions.

If you haven’t heard from us yet, find out more about your options.

And if you haven’t taken a mortgage payment holiday, but would like to, see how to apply.

What if you want to review your new payments?

Here are some options that may either:

  • extend your payment holiday (this could mean you end up paying more over the term of your loan)
  • make your new monthly payment easier to manage
  • allow you to reduce your overall balance and the interest you’re charged
If you’re comfortable with your new monthly payment and don’t want to explore one of these options, your regular monthly payments will recommence and you don’t need to do anything.

Your options

The options below could help you to reduce your monthly payments, or reduce your overall balance. There is also the option to apply to extend your payment holiday. An extension would not reduce your future monthly payments and would increase your balance.

If you feel you won’t be able to begin making payments in 3 months’ time, or need additional support, it’s important to let us know as soon as possible.

Dealing with financial difficulty

If you’re experiencing enduring financial difficulties and require support for any reason, please fill out an Income and expenditure form to help us understand your current financial position.

How it works

It’s a series of questions about your income and outgoings (such as salary and mortgage payments/rent) to help us assess your circumstances and find a solution to support you.

It should take about 10-15 minutes to complete and once you’ve completed the form we’ll be in touch to provide personalised support.

To complete the form, you’ll need to:

  • provide basic information about yourself and your current employment status
  • detail your current monthly income and expenditure information. If you have a joint debt with another HSBC customer, you’ll also have to provide their income and details of any shared household bills
  • be as precise as you can so we get an accurate view of your current financial position

Next steps

If you’re a joint account holder, you’ll also need to complete the partner income section of the form. You only need to complete one form between you – rather than one per named account holder.

 

Fill out the Income and expenditure form

 

Filling the form out won’t impact your credit file. However, depending on your circumstances, some of the solutions we offer may. If this is the case, we’ll let you know.

If you would like to call us to discuss this option, please contact us on 0800 085 2482.

Lines open:

  • Monday - Friday 08:00 - 18:00
  • Saturday 08:00 - 16:00

Call us

To discuss your options, please call us on 0800 169 6333, select option 0.

Lines open:

  • Monday to Saturday, 08:00 – 20:00
  • Sunday, 09:00 – 18:00

Further support

The Financial Conduct Authority (FCA) has provided guidance you may want to follow.

Try making a list of all the organisations you make payments to. Record how much you pay them and whether you’ve fallen behind on any payments. This includes essential household bills such as electricity and gas. It also includes loans and any other debts or payment obligations you may have.

It's important to understand which of your debts are priority debts. Some debts will be more urgent than others, because the consequences of not paying them can be more serious than for other debts. For example, priority debts may include things like your mortgage and where you’ve made a contractual commitment to pay.

For more on which debts you should pay as a priority, see the Money Advice Service's page on How to prioritise your debts. Once you’ve prioritised your debts, you can work out a budget to understand how much money you’ll have available to pay what you owe. You might like to use a tool such as the Money Advice Service's budget planner.

If you’re worried about being able to make future payments, it’s important to get in touch with the organisations you’re paying and let them know. They may be able to talk to you about options for changing how or when you pay.

To find out more about managing your money during and after the coronavirus pandemic, see the Money Advice Service’s coronavirus support or contact the Money Advice Service for help on 0300 500 5000.

Who can I speak with to get independent advice?

You can also get free independent advice from:

It’s easy to get in touch online. Talk to us directly through our chat channels.