COVID-19 Assistance and support

What is a repayment holiday ?

A repayment holiday enables you to defer your usual residential mortgage payments for up to 3 months.

If you have made overpayments during the last 12 months, you may request to underpay for an agreed period rather than take a repayment holiday. Please contact your Relationship Manager to discuss this in more detail.

Am I eligible for a mortgage repayment holiday ?

Mortgage repayment holidays are available where you hold a mortgage for your home and

  • Your income has been adversely affected by the COVID-19 / Coronavirus pandemic
  • You are not currently in arrears with your mortgage payments
  • For joint mortgage loans, all borrowers must agree to the request

When will my payments stop ?

Once your request has been approved and confirmed to you by letter or e-mail, we will start your repayment holiday immediately for the agreed number of payments. 

Can I select a specific date in the future for a repayment holiday ?

No, if your request is agreed we will start the repayment holiday as soon as possible.  If you want the repayment holiday to start at a later date please submit your request at that time.

Will I still be charged interest on my mortgage during the repayment holiday ?

Yes, interest will still be charged and applied to your mortgage account during the repayment holiday.  However, you will not have to make any repayments during the holiday period.  This will mean that you will pay more interest during the remaining term of the mortgage.

Will my mortgage repayments change at the end of the holiday period ?

Yes, your repayments will be recalculated over your remaining original mortgage term.  This means your repayment amount will increase.

How to apply for a repayment holiday?

Please complete the request form available in 'Related Documents' below and we will respond within 5 working days to confirm if your request has been accepted. 

Can I extend the terms of my current repayment holiday?

We will be happy to discuss this with you.  Please contact your Relationship Manager.

About the author

Jim joined Cayman National from a major UK clearing bank, where he was a Senior Manager in the Isle of Man and Channel Islands Corporate and Commercial ...

Contact Jim Woodall DipIoD, MIoD, Cert CIB, ALIBF

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