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Mortgage payment difficulties due to Coronavirus
Can anyone apply for a Coronavirus mortgage payment holiday?

If you're in financial difficulty as a result of Coronavirus and are concerned about making your mortgage payments during this time you should contact us as soon as possible.

You don’t need to provide any documentation; however you will need to self-certify that your income has been either directly or indirectly impacted by Coronavirus.

Mortgage payment difficulties due to Coronavirus
Am I eligible for a payment holiday?

To be eligible for a payment holiday you will need to be up to date on your mortgage payments.

If you are a Buy-to-Let landlord, it will be available if your tenants have lost income because of the impact of Coronavirus.

There a number of options available and payment holidays aren’t always the most suitable solution for everyone. By speaking to us, we can tailor the best option for you.

Savings
What is the interest on my Savings Account?

You can view the interest on your savings account at any time online once you've registered for our online services.

Alternatively take a look at this pdf to find out the interest rate for your variable savings account where the product is no longer available. 

If you're looking for the interest rate for a savings account that is currently available take a look at our savings products here.

Savings
How do I pay into my savings account?

You can simply set your Cambridge savings account up with your bank so you can transfer to your savings as and when you want, the details you’ll need are:  

  • Sort Code: 20-17-55
  • Account Number: 40338346
  • Reference: This is your 10 digit Cambridge Building Society account number. You must quote this as a reference to ensure the payment reaches the Account

You could also call the team on 0345 601 3344 – they’re able to take the payment over the phone if you’d prefer.

Mortgage payment difficulties due to Coronavirus
What is a mortgage payment holiday?

With a payment holiday you will not have to make any monthly mortgage payments for a set amount of time, in this case up to three months.

However, it’s important to remember that you still owe that money and the interest on your mortgage still accrues during a payment holiday.

At the end of the payment holiday we will contact you to assess your circumstances and agree a manageable way for you repay the interest charges incurred and make up the deferred payments. We will have a range of options available to help you to do this.

Mortgage payment difficulties due to Coronavirus
How do ‘payment holidays’ work?

The mortgage repayment is deferred for a period. The monthly payment changes to zero, and interest accrues for the period. This may be particularly appropriate where there is a temporary shortfall of income.

However, this is not a solution where, because of a permanent reduction in income, a borrower is unable to afford anywhere near the full mortgage repayments and there is little prospect of an improvement in the situation in the foreseeable future.

Where repayments are deferred for a time, the borrower will need to make up these repayments in the future, which could be over the remaining term.

General mortgage questions
What is an Approved Solicitors Panel?

Our Approved Solicitors Panel is made up of a group of solicitors we've worked with before and trust to act on your behalf. Take a look through the pdf to find a solicitor near to you. 

If you choose to appoint a firm that is not on our panel, we will require our own partner Solicitor to act on our behalf. You will be responsible for our legal fees in addition to your own legal fees. 

Making payments
What is Confirmation of Payee?

Confirmation of Payee is a new tool designed to stop payment fraud. It will allow you to check the name of the person holding the account against the sort code and account number - this will alert you to a number of options:

  • Match – the name and account details match – proceed with making your payment
  • Close match – the name and account details don’t quite match – this could be because of a slight difference in the name, double check the name before making the payment
  • No match – the name and account details do not match, if this happens you may have typed the details incorrectly - or someone may have given you different details to try and steal your money
  • Unavailable – this is where it isn’t possible to check whether the details match or not. This is what you’ll see when making payments into your accounts with The Cambridge.

Making payments
Does Confirmation of Payee affect my accounts with The Cambridge?

If you're transferring money from your Savings to your current account (nominated account) or to payees you've set up, you will not see any changes.

However, if you're transferring money into your Savings or Mortgage accounts you might be asked to confirm the payee when doing this. 

Making payments
Why is The Cambridge not showing when I transfer money to my accounts?

Confirmation of Payee - a new tool to protect against fraud, is only available for accounts that have an individual account number and sort code. At The Cambridge we're don't offer banking services, so your savings account or mortgage account doesn't have it's own account number to transfer money in to.

Find out more about paying money into your accounts.