COVID-19 Coronavirus

Posted on March 20, 2020

Covid 19 Image

Supporting our members and staff

In light of the current situation related to Coronavirus, our focus remains the welfare of our members and staff.

Our priority at this time is ensuring we can maintain the services you rely on, however, with the situation changing on a daily basis, over time this may prove difficult if not impossible.

To keep you as up to date as possible, not only with what we're doing but also with all the information being made available by the government, we’ve created this specific news page. 

Thank you for your understanding and support during what is an unprecedented time for us all. 

An important message from our CEO, Gary Brebner

As the CEO of Loughborough Building Society I want to give some guidance and reassurance to our members and customers as we face the uncertain times ahead and, as a country, we navigate our way through some unprecedented challenges.  Whilst we can’t predict what may happen next, we ‘re confident of our capability to respond to events as they unfold.  We encourage you to continue to follow Government guidance and assure you that we’ll be here for you in one format or another.

Where to find out more

We’ve created this specific news page on our website to provide you with some of the latest updates, including information on mortgage payment holidays and current service levels.

How we’ll communicate

Given how quickly things could change we’ll be using our website as the primary means of communication and we may email customers to inform them of changes to our ways of working as the situation develops. 

If we don’t have your email address and you'd like to receive updates that way, please use the contact us area of the website to provide us with those details.  

Our Branches and Head Office

Through the tremendous efforts of our Branch and Head Office teams we continue to operate for you, our customers and members.  However, it’s likely that in the coming weeks some branches may not be able to open or we’ll be instructed to close by Government.  Please help us minimise the risk to our members and staff by only visiting branch/agency offices for transactions that are absolutely necessary and if you have family members with you, please ask them to wait outside.  

Our priority is ensuring we can maintain the services you rely on, however with the government’s latest guidelines on staying at home and away from others, we’ve had to adapt our normal working days with immediate effect as follows:

  • reduce our branch and agency offices Monday to Friday hours to 10:00 to 14.00
  • reduce head office hours to 10:00 to 15.00; and
  • close our branch and agency offices on Saturdays

These service hours can only be maintained whilst our staff remain healthy and it’s safe to do so.  If the situation changes we may need to make further adaptions to our services and hours of operation.  If they do change we’ll keep you fully updated via the website.

Society strength

Our financial strength, been built up over 150 years, means we have the ability and confidence to support you in the right way and navigate uncertain times.  Our values and mutual ethos have never been more important and should give you every confidence that we’re here for you now and in the future.

Thank you for your understanding and support during what is an unprecedented time for us all.

Stay safe.

Gary Brebner

Chief Executive Officer

Service status

It’s with regret that we’ve had to make the decision to close our branch and agency offices on Saturdays (from 28 March) and further reduce our Monday to Friday hours to 10:00 to 14:00 with effect from Monday 6 April. With the situation changing on a daily basis, we may need to make further changes. 

Please help us minimise the risk to our members and staff by adhering to the guidance within the notices in branch windows/doors and only visit our branch/agency offices for transactions that are absolutely necessary and if you have family members with you, please ask them to wait outside. 

Staying at home and away from others

Following the Prime Ministers announcement at 8:30pm on Monday 23 March, the government has produced a document covering the instructions in details which you can read and download here. 

Staying informed

To ensure you have the latest and most accurate information about protecting yourself and your family, you can access the dedicated NHS webpages here where you'll find a variety of information including how to protect vulnerable people and how to get an isolation note to give to your employer.

The government's official website has extensive information across a broad range of topics related to Coronavirus.  From the main page here, you can access all the information available.

Stay safe from fraud

Criminals use exceptional circumstances, like the current COVID-19 situation, to lull people into believing that the contact they're making is genuine so it's important you remain vigilant to such contacts.  We've put together some information to help you which you can read and download here.

Support for mortgage customers

The Society will make the 3 month payment holiday facility announced by the Government available to our mortgage customers. This option will remain available to you at any time during the next 6 months and the period could potentially be extended if the current situation has not improved. With no certainty over the duration of the current situation we would encourage you to consider whether you need to use this facility immediately i.e. from next month or whether a later date would be more beneficial for you.

What is a payment holiday?

A mortgage payment holiday is a break from paying your mortgage, you won’t need to make any payments during the 3 month payment holiday period.

Is a mortgage payment holiday the right option for me?

It’s important to remember that a mortgage payment holiday is a temporary break from your mortgage payments, to help you 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 your situation:

  • We can only offer the 3 month payment holiday once for each mortgage account
  • The most appropriate time for you to take up the offer of a mortgage payment holiday will depend on your individual circumstances
  • The total amount of interest you’ll pay over the term of the mortgage will increase
  • It won’t affect your credit rating
  • When your payments are due to start again, they’ll be recalculated, and you may see an increase in your monthly payments
  • At the end of the 3 month payment holiday we’ll contact you to confirm what your new monthly payment will be

There may be alternative solutions you can consider that will reduce your monthly mortgage payments, subject to the terms of your mortgage, such as a temporary extension of the mortgage term or a temporary conversion to interest only.

If you’d like to discuss the payment options available please telephone us on 01509 610707