[x close]
Coronavirus (COVID-19) information : We’re updating our site regularly with information you may need. Find out more and check updates
Please note our telephone lines are open 9am-5pm Monday – Friday and 9am – 1pm Saturday.

Coronavirus (COVID-19)

Are you trying to call us?

Many customers are trying to call us for help with financial problems caused by coronavirus. We’re really sorry if this means some of you are waiting longer to speak to us and understand this is frustrating for you. If you’re calling about your mortgage we want to prioritise customers who cannot make their next mortgage payment. If you’re not currently having difficulties making your next payment, please use our website to find the information you need rather than calling us. You can apply online for a mortgage payment holiday here. Thanks for helping us to support those who need it most.


 Supporting you

As the coronavirus is having an impact across the UK, you may be feeling worried about the impact on your finances.

We wanted to say we’re here for you if you have any concerns about your money or any accounts you hold with us. The welfare and safety of both our customers and colleagues is the most important thing to us and we’ll continue to make sure you’re supported.

If you’ve been affected by coronavirus

We can help you in a number of different ways if you have been financially impacted by coronavirus. Our aim is to try to find solutions that suit your individual needs and circumstances. This includes mortgage payment holidays; see our FAQs below to find out more information.

We are all working hard to maintain the best service we can for you and we’re constantly keeping this page updated with the latest information from us and FAQs which you should find useful.

If our branches and agencies or telephony services are affected we will update the right hand side of this page.

As you can imagine our telephone lines are exceptionally busy at the moment. This means that those who need us most right now - those who are most financially vulnerable – are struggling to get through. Normally we would ask more of our teams to come in and help, but in these unprecedented times, our employees are facing the same challenges that we all are, so we simply can’t. So we are asking for your help too.

Before calling our phone lines or visiting us in a branch or agency:

  • Ask yourself: Do I need to speak to Chelsea Building Society today?
  • Consider: Can I do this through online banking?
  • Review: Is the answer already on this website?

Visiting our branches or agencies

To protect yourself and others in your community we'd ask that if you're experiencing any symptoms you stay at home. Even if you are well we’re asking customers who don’t have essential transactions, not to come into one of our branches or agencies. This is to not only protect you but to also keep our colleagues and their families working in our face to face roles safe and well.

Here is the list of the types of essential transactions which can be done in our branches or agencies:

  • Cash withdrawals if you don’t have an ATM card
  • Paying money in (to cover things like living expenses or bills)
  • Urgent Faster Payments
  • Opening a new account – if there has been a significant change in your circumstances which means you need to open a new account you can still do this face to face however we will be unable to offer you a private office during this period and some branches may be unable to accommodate the request due to resource levels. We would encourage you to use our online channel which has a wide range of accounts and helps limit the time you spend in a branch or agency. You can find all of our savings accounts here.

We ask that you don’t come into branch at this time for non-urgent transactions such as updating your passbook and you have a general query around interest rates or something similar you can take a look at our website which has lots of information to assist you.

Manage your money online at home

If you need to stay safe at home, don’t forget, you can manage your money from there using our online services. All you need to do, if you haven’t already, is register for online banking, it only takes a few minutes and you can do this here.

If you’re a savings customer there are a number of things you can do online that you may normally do in a branch or agency, including:

  • Open a new account
  • Access your account and view balances
  • View and download your statements and search transactions
  • Deposit money to your account with a debit card
  • Set up transfers out of your savings accounts
  • Update your personal details
  • View tax statements and request a tax certificate
  • View ISA allowance for current tax year (where applicable)
  • Make Faster Payments
  • Close your account (if applicable)

If you’re a mortgage customer you can:

  • Access your mortgage balance
  • View your statements and search transactions
  • Manage and move money in and out of your offset account. Please note that withdrawals from your Offset savings account may affect your monthly mortgage payments as the amount offset against your mortgage balance will decrease.
  • Update your personal details
  • Request a redemption statement

You can also send us a secure message.

Staying alert to fraud

Unfortunately, fraudsters may try to take advantage of you and the current situation. It’s really important you’re aware of anything potentially suspicious, such as messages about coronavirus, including those claiming to be from your bank or building society. Remember, we’ll never ask you for your full PIN or password or ask you to move money from your accounts. Please stop and think before taking any action. If it’s too good to be true, or you feel uncomfortable with any request, you should say no.

 

Update on our new lending policies

Following the government’s announcement on restricting physical property valuations to enable social distancing and help prevent the spread of coronavirus, our valuers are currently unable to visit properties and carry out physical inspections.

We have updated our valuation policy to reflect this and made the following changes:

We’ll only be able to offer new mortgages on the following:

  • If you’re purchasing a new property the maximum loan-to-value (LTV) can only be 75% or less
  • If you’re re-mortgaging your property the maximum LTV can only be 85% or less

Due to the inability to carry out physical valuations, for the time being we’ll be unable to accept applications for:

  • New build
  • Flats
  • Properties in Northern Ireland
  • Non-standard methods of construction
  • Properties valued at more than £1 million

FAQs

For those concerned about meeting next month’s mortgage payment

Do you have a payment holiday policy in place for borrowers who cannot make their mortgage payments due to coronavirus?

If you are worried about meeting your mortgage payments, we can offer a variety of solutions, including payment holidays.The easiest way to request a payment holiday is online.

Due to extremely high call volumes we are only able to speak to customers in the most vulnerable situations, and who cannot make their next mortgage payment. If your payment is not due within the next 7 days or you are able to make your next mortgage payment, please allow those who need emergency help to receive it. Please call us again when you are facing immediate difficulty.

.
How long can payment holidays last for?

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.

You must be up-to-date with your payments to be considered for a payment holiday. If your account is in arrears you may still be eligible but we will need to talk to your to assess your circumstances.

.
Once the payments are rolled onto the main balance, will the term be automatically extended or the monthly payments increased?

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 recalculate your monthly payment based on your outstanding mortgage balance and remaining term. It is very likely your payments will increase particularly if you have a shorter term left on your mortgage. The payments will be recalculated on a repayment basis and we will contact you to let you know what your new payment is.

If you are going to struggle with the new payments we can discuss other options with you at the time.

.
How quickly can a decision typically be reached?

We are doing our best to support all customers during these unprecedented times. However, the spread of COVID-19 is likely to have an impact on staff levels and applications will be dealt with as quickly as possible. At this time, please only contact us if you have concerns about immediate payment. This ensures we can help those who are in most need.

.
I requested a payment holiday but I’ve not heard anything yet, what should I do?

As you might imagine, we’ve had quite a large number of requests for a mortgage payment holiday. We're currently prioritising these requests by mortgage payment due date. You'll receive confirmation that we have processed your request as soon as possible but please bear in mind if your due date is not for a few weeks it may take longer than 7 working days.

.
What evidence will be required to qualify for a coronavirus payment holiday?

You don’t need to provide any documentation; you will just need to self-certify that your income has been either directly or indirectly impacted by COVID-19.

.
How will the non-payment be recorded with credit reference agencies

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

.
How can we get in touch?

As the situation is changing very quickly, please check the website in the first instance for the latest updates. If you need to get in touch for urgent support and you’re in arrears, please call 0808 156 1158; or for general Mortgage enquiries, call 0345 166 9300.

As we are experiencing a larger than normal volume of calls, we ask that you only contact us if your next payment is due within 7 days and you are unable to make it. Please allow those who need emergency help to receive it.

.

Mortgage Payment Holidays

New applications and payment holidays

If I’m due to complete in the near future, will I be able to take a 3 month payment holiday after completion?

Yes, provided your income is affected by Covid-19, you will be able to take an immediate payment holiday on completion.

.

Product transfers and payment holidays

Can I still do a product transfer if I have an agreed payment holiday?

Yes, providing your account wasn’t in arrears prior to the holiday and you meet our usual criteria, we can arrange a product transfer for you.

.
If I take a payment holiday, will this affect future product transfers?

No, providing your account wasn’t in arrears before the holiday and isn’t in arrears after the holiday and you meet our usual product transfer criteria, you’ll be able to go ahead with the transfer.

.
Can I complete a product transfer online if I’ve had a payment holiday?

We’re currently working on this. In the meantime please use this online form to submit a request.

.

Valuations and Land Registry Update FAQs

How will I get my new property valued during the coronavirus outbreak?

The Government has put in place a number of restrictions to control the spread of COVID-19, which affects all mortgage lenders. This means surveyors can’t currently visit properties to carry out valuations.

If you are in the process of submitting an application, please be aware of the following:

Whilst social distancing measures remain in place, it won’t be possible for valuers to physically inspect properties. Therefore to ensure we can support as many customers as possible, we are using alternative valuation methods such as desktop valuations and an automated valuation model (AVM). This means we will continue to lend on the following:

  • Residential purchases, where the maximum loan-to-value (LTV) is 75% or below
  • Residential re-mortgages, where the maximum LTV is 85% or below

Unfortunately, for the time being, we will be unable to lend on the following properties:

  • New build
  • Flats
  • Properties in Northern
  • Non-standard methods of construction
  • Properties valued at more than £1m
What happens to my existing application?

We will look to apply the above rules to our pipeline cases to progress as many of these as possible. Pipeline cases where we cannot use desktop valuations or AVMs will remain in the pipeline until a physical valuation can be carried out.

We will be in contact with you shortly to confirm whether we can proceed with your application at this time.

.
What do the Land Registration changes mean to my mortgage application?

England and Wales

There is currently no impact on cases in England and Wales.

Scotland

The Land Registry of Scotland is closed but we will process your application as far as we can. If the solicitor has lodged an ‘Advance Notice’ with the Land Registry prior to its closing, the mortgage can complete as normal. If an ‘Advance Notice’ wasn’t lodged before the Land Registry closed, then completion will be delayed until such time that the Land Registry re-opens or puts in place alternative measures.

Northern Ireland

The Northern Ireland Land Registry is closed. We are working with the Law Society of Northern Ireland to understand what alternative options are available but unfortunately, at the moment, we are unable to complete on any cases. We will however continue to process your application as far as we can.

.

Savings Maturity FAQs

Can I still come to branch to discuss my maturity options?

To protect the health of colleagues and customers, we ask that you please don’t make any non-essential visits to branch or agency at this time Tosupport this we’ve made some changes to our maturity process.

You’ll get a call from your local branch to discuss your upcoming savings maturity and, if you’re happy for them to, a member of the branch/agency team will organise your maturity so you don’t have to worry about visiting.

We’ve also extended the penalty free access period to two months, so you can leave your money where it is and not rush your decision today. This also applies to online maturities.

.
What’s the process if I want to close my account or do an internal transfer to an existing YBS account?

You need to send the form provided into branch and we’ll organise the rest. When closing accounts we can either issue a cheque or organise a faster payment, dependant on the amount.

.
If I want to do a product transfer, what do I need to do?

You can discuss this over the phone with your local branch/agency when they call you and they’ll send out the relevant paperwork for you.

.

Other FAQs

How will the change in the Bank of England base rate impact my variable rate mortgage or savings account?

We are reviewing the impact of this change but we want you to know that as a mutual which is owned by its members, it is our priority to deliver highly competitive but sustainable rates for both our savers and borrowers.

.
How do I know my money is safe?

You can be reassured that we’re financially strong and secure, as we’re well-placed to deal with any economic uncertainty and we are also covered by the Financial Services Compensation Scheme (FSCS).

This scheme was set up to ensure consumers’ deposits are protected if a financial service provider goes out of business or doesn’t have enough money to pay back savers’ deposits. All deposits of up to £85,000, or £170,000 for joint accounts, are guaranteed under the FSCS. For more information on the scheme, click here.

.
My mortgage product’s deal term is coming to an end in the next few months, what are my options?

We’re continuing to provide existing customers with the opportunity to switch deal with us up to 90 days before their current product deal term ends. This can be done online or over the phone. We’re not able to offer appointments in branch at the moment but you can call your local branch within the hours listed on the right hand side of this page.

.
How can I keep myself safe from fraud?

Some criminals are using the outbreak of coronavirus as an opportunity to commit fraud by scamming people. Scams can take many forms, so we’d ask you to be particularly careful at this time. Stop and think before taking any action to move your money, and never feel pressurised to do so. If you are unsure about the person you are giving your money to, then don’t.

Please remember, we will never ask you to move money to a safe account or reveal your password or PIN. You can find out how to protect yourself against financial crime here.

.
I’m worried about the impact of coronavirus on my finances. What support are you able to offer?

We’re committed to supporting our customers who may be affected by coronavirus. If you have been impacted by coronavirus, we’ll try and support you in whatever way we can. You can get in touch with us here

.
I’ve needed to self-isolate so can’t get to my local branch or agency. How can I access my money?

You can use our online services to help you manage your everyday banking needs without having to leave your home. You can learn more about how you can access these and what you can do here.

.
If anything changes, will you let me know?

If we need to close any of our retail branches or agencies temporarily, we’ll let you know on our website, social media or via email if we hold a valid email address for you. If we change the hours our phone lines are open we’ll let you know on the website too.

.
What if I need to access my fixed deposits?

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 Covid-19, including waiving restrictions on fixed rate accounts. We’d encourage any customer who is worried to talk to us on 0345 166 9219.

.
How are you supporting your staff during Covid-19?

Our priorities as a business at the moment are simple – and there are only two; the first is protecting our colleague’s health and wellbeing, the second is making sure we continue to give you, our customers, the support you need during this difficult time.

To give much needed additional support to our colleagues as well as respecting self-isolation and social distancing guidance, we’ve made a number of changes in our branches and agencies and we’re promoting our Flexible Working Policy and Practices to ensure colleagues feel able to juggle both home and work, especially during this uncertain time.

Our colleagues’ mental wellbeing is very important to us and we already have existing tools in place to help with this, such as ‘Unmind’ which is a Mental Health platform.

We will continue to do all we can to help our customers but please only visit branches and agenices for essential queries/transactions to help us all stay safe and well.

.
Where can I find the latest medical information about coronavirus?

You can find the latest advice from the NHS here and advice from the World Health Organisation (WHO) here.

.

 

If you’re having difficulties meeting your next mortgage payment

We are currently experiencing a higher than usual volume of calls as we support customers impacted by coronavirus. If you wish to request a payment holiday you can now do that online. You don’t need to provide any documentation; you will just need to self-certify that your income has been either directly or indirectly impacted by COVID-19.

Visit payment holiday page

back to top