Leicester Tigers have teamed up with club partner Nottingham Building Society as part of the club-wide Well-being Week initiative.
Members of the Tigers Family based in the UK may have questions regarding their finances following the disruption to working life for some following the Covid-19 outbreak.
One of the options for some is a Mortgage Payment Holiday, which helps homeowners with upcoming mortgage repayments. Which is why The Nottingham have pulled together a helpful FAQ update with advice for supporters.
The Nottingham also play a huge role in supporting the club’s Tag Rugby programme, which gives thousands of primary school pupils the chance to take part in Tag Rugby sessions and festivals each year.
What is a mortgage payment holiday?
It’s a three month payment holiday that helps members if they are unable to pay their mortgage due to the coronavirus. Don’t worry if you do decide a payment holiday is right for you it won’t affect your credit rating.
How does a payment holiday work?
It’s a temporary break from paying your mortgage payment for up to three months. When your payments start again after the payment holiday, they’ll be recalculated, and you may see an increase in your monthly payments. The total amount of interest you will pay over the term of the mortgage may increase.
When to take a payment holiday and over how long will depend on your individual circumstances. If you are on a fixed rate product then the fixed period remains the same (i.e. it doesn’t extend for a further three months).
What are other options to help me?
- If you are in credit with your mortgage, you may be able to reduce your payments for a period
- Change the way you make your payments or the date you pay
- Agree a reduced payment for a period
- Look to increase the term of your mortgage to reduce your monthly repayment amount.
Do I qualify to take a payment holiday?
You can talk to your mortgage provider about a payment holiday if:
- Your finances have been affected by Coronavirus
- Your mortgage is up to date
- Everyone on the mortgage is happy to do this.
Current The Nottingham members can apply for a payment holiday by email to [email protected] . If your payment is due in the next few days, it may start from the following month. The Nottingham’s teams are working really hard to support their members and so will respond as soon as they can, but due to high volumes this could take a few days.
Leicester Tigers will sharing advice and information for supporters as part of Well-being Week. Keep an eye out on LeicesterTigers.com and the Tigers social channels for all the latest.
