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

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.

If you’re unsure whether a mortgage payment deferral is right for you, you may find it useful to read the Money Advice Service’s A guide to Coronavirus mortgage payment holidays.

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

To be eligible for a payment deferral you'll need to self-certify that your income has been impacted by Coronavirus.

If you're a Buy-to-Let landlord, it'll be available if your tenants have lost income because of the impact of Coronavirus in order for you to pass this relief onto them.

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

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

The mortgage repayment, or part of it, is deferred for a period. The monthly payment changes to zero or the reduced amount, 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.

Mortgage payment difficulties due to Coronavirus
What is a Mortgage Payment Deferral?

With a payment deferral you'll make reduced or no monthly mortgage payments for a set amount of time, in this case up to three months initially.

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

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 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.

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 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.

Mortgage payment difficulties due to Coronavirus
Will a mortgage payment deferral be applicable to customers with Help to Buy loans?

Homes England have stated that homeowners who are struggling to pay interest fees on their Help to Buy equity loans will be offered payment deferrals, this is applicable for Help to Buy customers who are paying interest on their Equity Loans

Help to Buy: Equity Loans are interest-free for the first five years. Therefore, this announcement will apply to those who took out the loan before 31 March 2015.


The Help to Buy Director Will German at Homes England said:

We will do all we can to support Help to Buy customers through this unprecedented period of economic uncertainty. Like other lenders, we will offer payment holidays for those who are struggling to pay interest fees on their equity loans.

We will also offer a range of flexible payment options to defer interest payment for a period. In all cases, we will seek to support households in difficulty.

We understand monthly mortgage payments tend to be the largest outgoing for the vast majority of households. Where households also have equity loan payments under the Help to Buy scheme, we are keen to reassure them that we will offer similar options to their main mortgage lender.

We will assess all cases of hardship on a case-by-case basis. The first step is for customers experiencing difficulty related to Coronavirus to contact their main mortgage lender to discuss revised payment arrangements.

Mortgage payment difficulties due to Coronavirus
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 the normal rules will re-apply after 31st January 2021.