23 Dec 2020

Coronavirus (COVID-19)

Key information for intermediaries regarding our response to COVID-19 is listed below:

Our Broker team is operating as normal. If you need to get in touch, please email brokers@monbs.com or call us on 01633 844380.

Our Broker phone line is open Monday to Friday 9am-5pm.


The Society has re-entered the purchase and remortgage market. We are fully resourced and ready to receive new applications. 

Our full product range can be found here.

If your client is or has been furloughed, we will require a letter from their employer or their first payslip to ensure income going forwards.

Where self-employed applicants have taken grants from the government, underwriters will look at the nature of their job and query their current contracts and workload to ensure feasibility of their personal income.

Underwriters may carry out due diligence checks on projected bonus or overtime income if they believe payments may be impacted by the pandemic.

We will consider applicants who have taken a payment holiday, but we expect customers to have been paying their mortgage for at least 1 month before considering the application.


Physical valuations have recommenced subject to local restrictions.

During this crisis, we also launched desktop valuations for suitable properties. For more information about our desktop valuation criteria, please contact us on brokers@monbs.com or 01633 844380.

Mortgage Offers

If your client has a mortgage offer from us but is unable to complete due to the current situation, you can request an offer extension on their instruction. Please email our Broker Support team at brokers@monbs.com and they will be able to assist. 

If an offer extension is granted, the decision of whether to reassess income will be reviewed on a case by case basis.

Payment Holidays

If your client requires a payment holiday, please ask them to submit this application form.

Once we have received their application we will look to implement their request within 3 working days, subject to them meeting the criteria for a payment holiday.

Payment holidays are not recorded as a missed payment with the credit bureau, therefore your client's credit profile will be unaffected.

If your client has any other queries about payment holidays, please direct them to the Coronavirus Mortgage FAQs on our consumer website.

Rate Switches

We are continuing to process rate switch requests and have launched new products to offer borrowers more choice at this uncertain time. Please see our products page for the full list of rate switch products currently available.

Customers on payment holidays are eligible for rate switches. 

For more information about our rate switch process, please visit our rate switch page.


Following changes to the bank rate, we reduced our Standard Variable Rate (SVR) from 5.24% to 4.74%.