How we’re reducing the impact of Covid-19

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Carys Frampton 25 March, 2020

In these uncertain times, we wanted to share with you our plans to continue to effectively do business with you. We want to reassure you we’re not only doing our utmost to reduce the impact of Covid-19 but are well placed to continue operating as events unfold. 

Where is the Hodge team?

The health and safety of Hodge’s employees and customers is our top priority and we’ve made sure all staff are able to work from home. Thorough testing has been carried out to ensure we can continue to service our customers with minimal disruption. 

Since the UK Government’s announcement on Monday 16th March, stating companies who have the capability to work from home should, we have taken the decision that all employees will operate remotely until further notice. 

Can I still get hold of you as normal?

Yes, our telephone business development managers, underwriters and customer service representatives are fully operational and working hard to maintain customer service levels. Please continue to contact them in the usual ways, through email, by phone and web chat. 

How can I contact my BDM?

All scheduled meetings with our BDMs will continue to take place, however, we’ll now be making the most of phone or virtual meetings, utilising facetime, Skype and other phone and video conferencing facilities. 

You can use our BDM finder to find your local business development manager but any one of our team will be able to help. All of their contact details can be found below: 

Payment holidays FAQs

Will Hodge be offering payment holidays?

Yes, in-line with UK Finance guidance Hodge will be offering payment holidays of up to three months for customers who find themselves unable to make mortgage payments during these unprecedented times. This will be reviewed on a case-by-case basis and your BDM will be able to provide you with more tailored information.

Does a payment holiday have to be three months?

No, we can offer payment holidays up to a maximum of three months but they can be less.

Will the payment holiday affect my customer’s credit score?

If a payment holiday is agreed, the Credit Reference Agency will be notified the consumer has an arrangement in force, therefore the mortgage will not be classed as in arrears as this has been agreed between the lender and the customer. Hodge will make every effort to ensure that if your client takes a payment holiday it will not negatively impact their credit score.

How will the payment holiday affect my customer’s mortgage?

The monthly mortgage payments will be recalculated at the end of the payment holiday and may increase. It’s important to remember that even though they may miss payments due to the payment holiday, we’ll recalculate the monthly payments and the amount owed will go up. That’s because we will still add interest to the mortgage while you take a break.

Who’s eligible for a payment holiday?

If your customer has been affected by Covid 19 they will automatically be eligible for a payment holiday. They’ll need to be up to date with their mortgage payments and have consent from everyone on the mortgage. If they aren’t up to date on their mortgage payments please contact us to discuss their options.

Is a mortgage payment holiday the right option?

It’s important to remember a payment holiday is a temporary break from their mortgage payments, to help them through these uncertain times. There are a few things to consider before applying for a mortgage payment holiday, to make sure it’s right for their situation:
• When the payments start again, they’ll be recalculated, and they may see an increase in the monthly payments
• The total amount of interest they pay over the term of their mortgage will increase.

What happens if my client is already in arrears?

Anyone concerned about the impact Covid-19 will have on their income should contact their provider as soon as possible. At Hodge we’ll make every effort to support people already in financial difficulty and will make this process as simple as possible.
We hope this answers any questions or concerns you may have had, should you have any questions please do get in touch.

Annuity Applications

Hodge are still accepting annuity applications and processing them as normal. There may be a delay in receiving funds from ceding schemes during these uncertain times, however rest assured that our customer service representatives will proactively chase these funds for you and contact you if we expect a material delay.

Financial abuse and Coronavirus

I'm concerned my client is a victim of financial abuse, how can I help?

Hodge is a signatory of UK Finance’s Financial Abuse Code of Practice and has signed up to its Financial Services Domestic and Financial Abuse campaign.

If, during these difficult times, you have concerns that a client may be a victim of financial abuse then Hodge and UK Finance are here to help.

UK Finance’s It’s Your Money leaflet has all the information your client will need to find help and support. It also lays out exactly what we as a lender can do for them.