Coming soon: Home Support Package
If your client is a Nationwide member and has been affected by coronavirus, we want to do all we can to help keep a roof over their head.
We’re already offering our most affected members up to three months’ mortgage payment holidays. But we understand that the impact of coronavirus could be felt long after that.
We welcome the fact that our regulators are starting to set out how the financial services sector can best support those who continue to be impacted financially.
For our part, we’re putting together a five point Home Support Package to help them through this time. We may adapt it as we go if the official guidance changes.
You don’t need to do anything at the moment. No need to contact us.
We’ll let you and your client know when you’re able to ask for this help.
Your client’s home. Our five pledges
1. Flexibility in the way they repay their mortgage, such as making reduced payments for a time, if that’s appropriate for them. We’ll make sure they get the information and support they need to choose the right option and timeframe for their circumstances. And we’ll help them understand the longer term impact on their mortgage.
2. The option to take out a new mortgage payment break, up to 3 months – on top of any payment support they will have already received. Just bear in mind that a payment break will increase the amount they owe and interest will continue to be added to their mortgage.
All the information your client needs to apply for an initial mortgage payment holiday can be found on our payment holiday page.
Plus, whatever happens:
3. We will not take any action to repossess their home until 31 May 2021 if they’ve fallen into arrears because of the financial impact of coronavirus. If your client has a mortgage with us and they’ve been directly impacted by coronavirus, we can help. Your client will need to stay in touch and keep working with us to help get their mortgage back on track.
4. We’ll encourage landlords to pass on payment breaks to their tenants. We’re contacting landlords who have a mortgage with our dedicated buy to let lender, The Mortgage Works, to let them know we can help if their tenants are struggling with their rent because of coronavirus. All the information they need can be found on the TMW customer website.
5. We’ll provide more housing advice and support. We have a longstanding partnership with Shelter and right now we believe everyone needs to work together. So, we’re going to fund more advisers for their Helpline Plus which provides specialist advice to those with housing, debt and welfare issues. We’ll also support the introduction of new community engagement advisers at Shelter, who will provide information about housing rights to communities.
How to access our Home Support Package
For now, there’s nothing you or your client needs to do. We’ll be in touch with your client towards the end of their payment holiday to advise them on their options and supporting them in getting back on track with mortgage payments.
There's no need for you or your client to contact us. We’ll let you know when all this support is in place.
Visit our regularly updated coronavirus support page, which includes information about valuations, payment holidays, offer extensions and more.