Our response to covid-19

Yorkshire Building Society's response to Covid-19

How we are supporting our customers, colleagues and communities through Covid-19.

Our customers

Mortgage customers

Payment holidays for borrowers who cannot make their mortgage payments due to coronavirus.

If customers are worried about meeting their mortgage payments, we can offer a variety of solutions to them, including payment holidays.

We need to make sure the solution we offer is right for them, so if they are having difficulties and are concerned about their next payment, we would ask that they visit our website www.ybs.co.uk/coronavirus-info  to find out the latest information and access our contact details.

The option of a payment holiday for up to three months is available for customers who are experiencing issues with their finances, as either a direct or indirect result of coronavirus.

Customers can now request a payment holiday online here. They don’t need to provide any documentation and will just need to self-certify that their income has been either directly or indirectly impacted by coronavirus.

Due to extremely high call volumes we ask that only customers that are worried about meeting their next mortgage payment should call.

How does a payment holiday work?

Customers will still owe the money where a payment holiday has been granted and interest will still accrue, so if you are able to make part of your normal mortgage payment to reduce the money you owe or your interest charges then you should consider doing so.

At the end of the payment holiday we will contact customers to assess their circumstances and agree a manageable way for them to repay the interest charges incurred and make up the deferred payments.

Do they need to provide evidence?

Customers don’t need to provide any documentation; they will just need to self-certify that their income has been either directly or indirectly impacted by coronavirus.

Will this impact their credit score?

The unpaid interest from the payment holiday will still be recovered later, but individual credit ratings will not be affected.

Savings customers

We understand this is a difficult time and customers may need access to their savings unexpectedly. We’ll do everything we can to help customers adversely financially affected by coronavirus, including waiving restrictions on fixed rate accounts along with any loss of interest or fees incurred.

We’d encourage any customer who needs support or has any questions to visit our website www.ybs.co.uk/coronavirus-info for updates and the latest information.

Our colleagues

For Yorkshire Building Society colleagues, we’ve doubled our fully-paid dependents and carers leave, and confirmed to all colleagues that if they’re self-isolating, shielding or unwell, they qualify for sick leave at full salary.

Our Remuneration Committee has agreed that our Chief Officers will not increase their basic salaries this year, as well as a request from our Non-Executive Directors not to increase their fees in 2020.

All other colleagues remain eligible for the opportunity for a pay increase through their annual pay review. Their pay will not be reduced as a result of Covid-19.

Our communities

Yorkshire Building Society Charitable Foundation has launched a Coronavirus Response Fund to support smaller charities during the Covid-19 outbreak.

The £100,000 fund will make donations of £250 to £2,000 to charities that are helping UK communities to cope with the impact of the coronavirus pandemic.

Charities can apply for support with running costs, staff and travel costs as well as volunteer expenses.

Gordon Rogers, Chair of Trustees for Yorkshire Building Society Charitable Foundation, said:

The impact that coronavirus is having across the country including the charity sector is unparalleled. With the launch of our fund we are aiming to help charities that support the ongoing needs of vulnerable people and people suffering from poverty. We will be prioritising smaller charities that have an income of £100,000 or less and ones that for example may be helping vulnerable people who are self-isolating, supplying items for foodbanks, or alleviating the impact of children no longer receiving free school meals due to school closures.

Charities can apply for a donation from the Coronavirus Response Fund and see the full eligibility criteria at www.ybs.co.uk/charitablefoundation.  

Charities will receive a decision on their application within two weeks of submitting a request.

All information correct at time of publication.

 

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