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Mortgages

Mortgage payment difficulties due to Coronavirus

I’ve already restarted my mortgage payments, but have found myself in further difficulty. What should I do?

You can no longer take a further Mortgage Payment Deferral, but our team of experts are on hand to assess your individual needs and circumstances and discuss the different options we have to support you.

Speak with the team on 0345 601 3344 to arrange an appointment with one of our experts.

How will my credit file be impacted?

Any payment deferral that you’ve had under the temporary government guidelines will not be reported on your credit file if you were up to date with your payments when you took it out. This covers both the initial payment deferral of up to three months, and any extensions granted for up to a further three months. However, lenders may use information obtained from other sources, such as bank account information or information provided by you as part of the application process, in their lending decisions.

If you've reached the end of your maximum six months’ Mortgage Payment Deferral and you need support for longer, or you need support now that the deadline for applying for a mortgage payment deferral has passed, we’ll work with you to come to an arrangement to get you back on track, but any missed payments will report on your credit file.

What affect will my mortgage payment deferral have on my mortgage payments?

If you’d like an approximate indication of the impact your current mortgage payment deferral will have on your monthly payments, or if you’re considering extending your payment deferral, you may find the MoneySuperMarket 'Taking a Mortgage Payment Holiday' Calculator useful.

You’ll need to know your current mortgage payment, outstanding mortgage balance, repayment type and (for repayment mortgages) your remaining term.

If you have access to your accounts online or via The Cambridge Money App, you’ll be able to find your latest mortgage payment and outstanding balance there.

If you have your 2020 mortgage statement you’ll be able to see the repayment type and term that was remaining on your mortgage as at 31st December 2020. If you’ve made no changes to your term since then, you can use this to work out what your remaining term will be now.

If you don’t have access to any of this information, or if you have multiple parts to your mortgage, call the team on 0345 601 3344 and they’ll be able to help.

What happens at the end of my mortgage payment deferral?

At the end of the payment deferral we’ll recalculate your monthly payments over the remaining term of your mortgage. We’ll write to you to let you know your new monthly payments and to outline the other options available for you to repay the interest charges incurred and make up the deferred payments. We’ll have a range of options available to help you to do this:

  • Make a one off payment penalty free, to represent the shortfall amount. This will immediately lower the balance outstanding and the amount of interest charged. Your payments will then be recalculated on the reduced balance
  • Make an arrangement to repay the shortfall amount over a shorter period of time
  • Extend the mortgage term by the duration of the payment deferral agreement period. This option will increase the amount you pay back over the lifetime of your mortgage

If you’d like to opt for one of these alternative options you can complete and return the form that will be enclosed when we write to you at the end of your payment agreement. If you need to discuss these options in more detail, the letter will also tell you how you can book a telephone appointment with one of our experts.

What if I need support longer term or help to recover to my previous position after the payment deferral expires?

When we write to you at the end of your payment deferral agreement we’ll invite you to book an appointment with one of our experts if you’re still experiencing financial difficulty.

If you were already in arrears, or indicated to us at the time that you took your payment deferral agreement that you may need longer term support, we'll get in touch with you to assess your circumstances before the end of your payment deferral. This may include assessing income and expenditure, to come to an arrangement with you to enable recovery through the full repayment of the arrears.

If you're in financial difficulty; we'll come to an arrangement to recover you into a sustainable position on the mortgage. Any forbearance arrangements will aim to minimise the risk of possession but if a solution cannot be reached we may go to court and start proceedings to repossess your home.

You may find it helpful to take a look at our payment difficulties guide.

What if I need additional help managing my money and debts due to Coronavirus?

If you’re worried about other debts you should contact your other creditors to discuss your repayments. It’s important to pay essential expenses and priority debts before any discretionary expenses or non-priority debts, and you may find it useful to work out a budget.

Free impartial information and confidential debt advice is available. You may find it useful to visit the FCA’s information page ‘Dealing with financial difficulties during the coronavirus pandemic’ or the Money Advice Service coronavirus support page.

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. 

What charges might I incur with my Cambridge Mortgage

There may be fees associated with your mortgage from getting it to changing or ending it. We want to make sure you understand the fees that may apply to you, so, we've worked with the Council of Mortgage Lenders and Which? to show these clearly, take a look at the pdf to see all our fees. 

My Solicitor isn't on your panel, can they join it?

Solicitors that are using Lender Exchange can join our panel. They'll need to log in at www.lenderexchange.co.uk and apply to join there. 

Solicitors not on Lender Exchange can call them on 0344 244 3784 to discuss the application process.

Can I view my mortgage account online?

You can view all your accounts with The Cambridge via our website or money app – it’s simple and secure. To get started, simply call us or pop into your nearest branch to request your User ID and we’ll talk you through the rest.

Where do you offer mortgages?

Our mortgages are available on properties located in England and Wales.

What age restrictions are there on mortgages from The Cambridge?

The minimum age required for a residential mortgage is 18 and 21 for a Buy to Let mortgage. There is no maximum age limit.