OPTION 2
‘Reduced Monthly Repayments’
Your monthly repayment is reduced to match your affordability for a fixed amount of time – this generally can be 6 to 12 Months. Both interest and capital will be repaid. After the reduced repayment period, either your payments increase to a higher amount that ensures you repay your mortgage within the original term or where appropriate, the term of your mortgage will be extended.
OPTION 3
‘Repayment Break’
You can enter into an arrangement to defer the payment of all or part of your mortgage repayment for an agreed period of time to ease the immediate financial pressure on you – generally for up to 3 months. After the deferral period, either your payments increase to a higher amount that ensures you repay your mortgage within the original term or where appropriate, the term of your mortgage will be extended.
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