Helpful Answers to the Most Common Questions

Coronavirus – we’re here for you

As the impact of COVID-19 continues to affect us all, we wanted to thank you for your continued support and patience during these unprecedented times. Although the situation we’re facing is changing, we’re here to assist our intermediary partners and your clients as much as possible.

This page takes you through the steps we’re taking to support you at this time.

We ask that if you have any urgent queries, you can email us on underwritingreferrals@interbayuk.com or contact your BDM.

In the meantime, here are some frequently asked questions to help you.

Do you accept furlough payments, bounce back loans and CBILS?

As part of our ongoing commitment to supporting you during these unprecedented times, here’s how we can help your residential and buy to let customers receiving furlough payments, bounce back loans and CBILS.

• We’re happy to accept applications from companies and individuals in receipt of bounce back loans and CBILS but please note we won’t accept them as a source of deposit

• Where the landlord or applicant has income that’s unrelated to buy to let, and is in receipt of furlough / SEIS income, the application can be considered

Please note there maybe additional underwriting requirements. If you have any queries about furlough payments, or anything else related to your application, please contact your senior business development manager.

What happens if my buy to let customer needs a mortgage payment holiday?

• If you have a buy to let customer looking to take out a payment holiday with us due to the impact of COVID-19, we’re able to support them.

Here’s what your customer needs to know before applying:

• If they're a buy to let customer, they're able to request a mortgage payment holiday but only if their tenants are unable to pay their rent due to COVID-19.

• If they've not already taken a mortgage payment holiday of up to three months, and want to apply for one now, please ask them to email servicing@interbayuk.com providing no personal details other than the mortgage account number. We'll then contact them within 5-7 working days to confirm whether they've been accepted. If they've already submitted an email, they don't need to submit a form as well. We'll process their request for a mortgage payment holiday in the same way.

• If they take a mortgage payment holiday, this means that they won't make mortgage payments for up to three months; we'll add these payments onto their mortgage balance unless they contact us before their payments recommence to discuss alternative options for repaying the unpaid mortgage payments.

• As a result, their mortgage balance will increase and their monthly payment will be recalculated over their remaining mortgage term. Their monthly payment and the amount of interest they pay will increase for the remaining term of their mortgage.

• We'll let them know their new monthly amount at the end of their payment holiday.

• Unfortunately we're unable to make any changes in time for payments due in the next 7 days. If their payment is due in the next 7 days and they're unable to make their normal monthly payment, please call our Collections Team on 03459 003300. They can also email recoveries@interbayuk.com to discuss their situation.

• In line with government guidance, their credit rating won't be affected by this arrangement whilst the payment holiday is in place.

• Please note that if they’ve already emailed us, we’ll respond as soon as we can.

My customer needs a payment holiday on a commercial/semi commercial mortgage

• If your customer has a commercial or semi-commercial mortgage and is facing difficulty, please be aware that the three month payment holiday option published in the UKFI/Govt guidance to Lenders is for residential and buy to let mortgages only, and is not applicable to commercial/semi-commercial mortgages.

• We would urge your customer to visit the government website government website for further information and guidance on the help and support available to employers, businesses and business owners.

• If the above has been undertaken and your customer still requires assistance then please e-mail recoveries@interbayuk.com

What options does my customer have if they are already in arrears?

• We’ll make every effort to support customers who are already in financial difficulty. Please ask your customer to email servicing@interbayuk.com providing your mortgage account number with your name, number and brief description of your enquiry so that we can get in touch to discuss the best options available to them.

My customer can't make their next direct debit payment, what should they do?

• If your customer doesn't have the funds to meet the direct debit, please ask them to contact us urgently on 03459 003300 or at recoveries@interbayuk.co.uk so we can discuss the best options with them.

What impact will a mortgage holiday have on my customer's monthly payments?

• If your customer takes a mortgage payment holiday, this means that they won't make mortgage payments for up to three months; we'll add these payments onto their mortgage balance unless they contact us before their payments recommence to discuss alternative options for repaying the unpaid mortgage payments.

• As a result, their mortgage balance will increase and their monthly payment will be recalculated over their remaining mortgage term. Their monthly payment and the amount of interest they pay will increase for the remaining term of their mortgage.

• We'll let your customer know their new monthly amount at the end of their payment holiday.

• In line with government guidance, your customer's credit rating won't be affected by this arrangement whilst the payment holiday is in place.

• We’ll aim to reply to their request within 5-7 working days; however, we’re currently experiencing a high volume of applications, so this may take a little longer.

• Please note that if your customer has already emailed us, we’ll respond as soon as we can.

What do capitalised and capitalisation mean for my customer?

• If a buy to let customer takes a mortgage payment holiday it's important to understand that the interest will continue to accrue while they're not making their normal monthly payments. At the end of the payment holiday period the interest that has built up will be added to their outstanding mortgage balance. This process is called capitalisation.

• By capitalising the accrued interest, their outstanding mortgage balance will increase. We'll have to recalculate their monthly mortgage payment so that their mortgage will be repaid in full at the end of their mortgage term and as a result, they'll pay more interest over the remaining term of their mortgage.

• If they'd rather make alternative arrangements to repay the capitalised amount please call a member of our Collections Team on 03459 003300.

Does the three months payment holiday have to be taken consecutively?

• We'd expect the monthly payments covered by the payment holiday to be taken together, but we'll review individual cases where circumstances require a different approach to be taken.

• It’s important to remember, only a payment holiday of up to three months can be agreed under the current Government scheme, and any further period of time required will be subject to our standard forbearance processes and may affect your customer's credit rating.

What will happen to my customer's credit score if they take a payment holiday?

• In line with Government guidance, your customer's credit rating won’t be affected by this arrangement whilst the payment holiday is in place, however, at present this only applies to the initial three month period we have granted.

• If your customer needs to apply for a payment holiday extension, and it is agreed, then their credit rating will be affected. New guidance from the FCA is expected but until this is received this is the position.

• Our website is being updated as any new guidance is made available.

Can my customer cancel a mortgage payment holiday after it's been arranged?

• If your buy to let customer has arranged a payment holiday but they now no longer need it that's no problem. Please send us an email at recoveries@interbayuk.com to confirm that they no longer require the payment holiday. We'll then confirm that we've received their request and explain how much their next monthly payment will be and when it's due.

Can my customer extend their mortgage payment holiday?

• If your buy to let customer is concerned about their ability to make future mortgage payments we may be able to consider further forbearance which may include an extension to payment holiday periods.

• As the guidance in place from the Government is changing daily, requesting an extension to a current payment holiday too soon may not be the right thing for your customer to do. If they believe they’re going to experience ongoing financial difficulties, please don’t contact us until the last month of their current payment holiday. This will help us to prioritise dealing with customers who have imminent need of further assistance.

• Please ask your customer to contact us on 03459 003300 or email recoveries@interbayuk.com so we can discuss the best options with them.

What if my customer can't afford the new payment after the holiday period has ended?

• If your customer is concerned that their ability to make future mortgage payments will be affected please get in touch with us as soon as possible.

Do payment holidays affect my customer's product transfer entitlement?

• If a customer takes a COVID-19 related payment holiday it shouldn’t stop them getting a product transfer in the future if they otherwise would have qualified for one.

My customer's case has a physical valuation, will you now issue an offer?

• If you currently have a case in progress where the valuation fees have been paid and the case fits our new criteria, we'll proceed with your application.

• If you've cancelled an application and have either not paid the fees or have had them refunded, you'll need to re-submit an application with a product from our new range.

• To ensure all post valuation cases are processed as quickly as possible, please do not call us as a member of our underwriting team will be in touch shortly.

• We ask that if you have any urgent queries, you contact your BDM in the first instance.

How will I receive my customer's offer?

• A member of our underwriting team will be in touch shortly. If you have any urgent queries you can contact your local BDM.

What happens to my customers' application if it hasn't received a valuation?

• If you’ve already submitted an application that is at pre-offer stage and the case satisfies the criteria restrictions that are currently in place, we may be able to switch your case to a new product and continue processing. If, after you’ve discussed suitability with your customer, you consider the product is appropriate, we’ll switch your application to a new product and request any outstanding documentation, which you should provide as soon as possible. If there are no Valuation Fees or Assessment Fees, we’ll refund the fees that have been paid.

• If you have a pipeline application that is over the maximum LTV acceptable on our new product ranges and your customer would like to reduce their loan amount to enable switching onto a new product, please contact us on underwritingreferrals@interbayuk.com and we’ll be happy to help. For further details of the maximum LTV limits, please refer to the relevant product guide.

• If the case doesn’t meet the criteria restrictions that apply on our new product ranges then it will remain on hold for the time being and we’ll let you know when we can start processing the case. If you wish to cancel the application, please contact us by email at Servicing@interbayuk.com quoting your application number.

• Valuation and Assessment Fees will be refunded if the case is cancelled and the valuation hasn’t been completed and should you wish to re-apply in the future a new application will be required.

How do I get a refund for my customer's valuation fees if already paid?

• Cases where the valuation has not been carried out, the broker needs to email underwritingreferrals@interbayuk.com quoting the account number and asking for the application to be cancelled and the fee refunded.

Can you offer physical valuations?

• We're excited to support the return of physical valuations with a new range of buy to let first charge mortgage products and semi commercial products.

• We continue to welcome applications for properties in Wales, however until physical property inspections are available in this area we will be unable to process these cases fully.

Are you anticipating a delay in responding to valuation queries?

• Due to the ongoing, situation we cannot guarantee our usual business turnaround times for physical valuation reports. We ask that you continue to bear with us during this time.

• Please note that our response times will take longer than normal due to the high volumes of enquiries we're receiving.

What will happen to a case I've already submitted?

• We'll put the case on hold for the time being and will let you know when we can start processing the case. If you wish to cancel the application, please email us at underwritingreferrals@interbay.co.uk. Please note that our response times will take longer than normal due to the high volumes of enquiries we are receiving.

My case is at offer stage, will you complete on the case?

• Yes, we will complete on cases that are offered, subject to our normal terms and conditions. However, we require the Bank's solicitor to confirm that your borrowers personal or financial circumstances have not changed since the date of the mortgage application. If they have, the underwriter will re-assess the case and we could exercise our right to withdraw the offer.

Can I get an offer extension for my customer?

• Any request for an offer extension will be reviewed on a case by case basis. Please email underwritingreferrals@interbayuk.com with any requests. Please provide an anticipated completion date and the reason for the extension request.

Can documents be certified from home?

• As a regulated firm, we're governed by Anti-Money Laundering legislation and therefore our scope to change is restricted. In order to meet this legislation requirement, either Kent Reliance for Intermediaries or an authorised partner must see the original identification document prior to entering into the relationship.

• However, in response to the COVID-19 situation, on a temporary basis to assist our intermediary partners and your customers, we'll now accept the following documents uncertified:

• Passport
A ‘clear’ photograph of the passport which must also be accompanied with a ‘selfie’ photograph of the holder.

• Driving Licence
A ‘clear’ photograph of the licence which must also be accompanied with a ‘selfie’ photograph of the holder.

• In addition the applicant is required to use gov.uk/view-driving-licence & provide a code where the Driving licence can be validated.

If legal advice is needed for a case, is video conferencing permitted?

• Yes. For situations requiring face-to-face meetings such as independent legal advice for Personal Guarantees or Signing of Occupiers Consents, in certain circumstances, this may be undertaken by use of electronic face-to-face medium. The solicitor acting for should contact our underwriting team for further details.

Will you be cutting rates?

• We constantly review our rates throughout the year as a matter of course.

• We'll inform of any rate or product changes as per normal.

Help us to help you

• We’re currently receiving a large number of enquiries from brokers and customers, and we’re endeavouring to respond to emails and calls as soon as practically possible.

• We appreciate your patience and understanding at this time.