The request for deferral applied to customers who experienced financial hardship due to the impact of COVID-19 and was offered for the months of March, April and May only.

If you continue to experience challenges in keeping your monthly commitment with us, we encourage you to schedule an appointment to discuss your options with a Collections Officer.

At the post cabinet news briefing on March 23, 2020, the Prime Minister, through the Minister of Finance, clarified his previous request on March 18, 2020 to defer mortgage payments:

• For TTMF customers he indicated the deferral would be for three months in the first instance.
• For HDC customers who are in a Rent to Own (RTO) or License to Occupy (LTO) arrangement, the deferral would be for two (2) months in the first instance.

This deferral applies to customers who are unable to pay due to the impact of COVID-19. All other customers who are in a position to pay are encouraged to continue making their payments.

A: You may request a deferral by completing the online form found on our website. Once submitted, you will receive an email from us with further instructions. You will be required to sign a Letter of Variation confirming the extension of the term of the loan by the deferral period. You must immediately print, sign, scan and re-submit a soft-copy of your Letter of Variation to us via email at [email protected] using the email subject: Letter of Variation and Mortgage Refund.

Additionally, you would need to complete this Authorisation Agreement for Pay Link online form which is encrypted to ensure the information submitted is secure. It will allow us to process the refund directly to your bank account. You will be asked to upload supporting evidence of your bank account number.

Q. For how long will this facility be available?

A. Based on the Prime Minister’s address of March 23, 2020, our deferral is available for the months of March, April and May in the first instance.

Q. I usually pay my mortgage instalment at a branch. How can I continue to make payments while your offices are closed?

A. There are 2 options. A TTMF Direct Debit OR paying online or at a Republic Bank branch.

Q. Do I have to pay my instalment? / Do I have to make my LTO/RTO payment?

A. The deferral is for persons who are not in a position to make their regular payment or by making their regular payment they will be unable to cope with the current challenges. Are you affected by COVID-19 in this way?

Q. I have a salary deduction. Do I stop my payments?]

A. No, we do not recommend stopping salary deductions. We will refund the deductions as received. If you have evidence that your March instalment has already been deducted from your salary, that instalment will be refunded to you when received. Future refund of instalments during this period will also be done in a similar fashion.

Q. I have a standing order. Do I stop my payments?

A. No, we do not recommend stopping standing orders. We will refund the deductions as received. If you have evidence that your March instalment has already been deducted from your account, that instalment will be refunded to you when received. Future refund of instalments during this period will also be done in a similar fashion.

Q. TTMF deducts my payment automatically. Will this be stopped?

A. If your March payment was received, it will be refunded to you via a direct deposit to your bank account or by cheque which will be mailed. We will suspend payment withdrawals from your account for the next two months (April and May) in the first instance. Deductions will resume in June 2020 or unless otherwise advised.

Q. Can I get a refund on my March instalment

A. If your payment is normally remitted through a salary deduction, standing order or if TTMF debits your account directly, then we may have already received your payments. We will verify this and if this is indeed so, we will refund you the payment either by cheque which will be mailed or by direct deposit to your bank account.

Kindly complete this Authorisation Agreement for Pay Link online form which is encrypted to ensure the information submitted is secure. It will allow us to process the refund directly to your bank account. You will be asked to upload supporting evidence of your bank account number.

Q. Is the deferral amount the full instalment?

A. Yes, it is.

Q. How long do I have to wait to have access to the funds?

A. Once your account is up-to-date and we are in receipt of your correctly completed request we will process your refund.

Q. When do I have to repay this deferral?

A. Repayment of the deferral is simply extending your mortgage by the number of month (s) that was deferred.

Q. Do I have to repay these missed months’ instalment?

A. The term of your loan will be extended by the deferral period to allow for repayment of these instalments. You will be required to sign a Letter of Variation confirming the extension of the term of the loan by the deferral period.

Q. Will stopping these payments affect my credit?

A. Your credit report will not reflect the missed payments for these missed months and your credit history will not be affected.

Q. Will interest be compounded during this period?

A. No. Since there is no payment due during the period, no interest will be calculated.

Q. Our mortgage is on both my and my husband’s name. Which one of us can apply for the deferral?

A. The application for the deferral must be in both names, but we would only need one (1) bank account to transfer the refund of the instalment.

Q. I received a letter from you stating that my instalment will increase. Will that increase still be effected?

A. Yes, the increase is based on your loan type, however, if the increase is within the deferral period you will be refunded the amount paid.

Q: If I have not received my Letter of Variation as yet but I have completed the Authorisation Agreement for Paylink, would I still get a refund?

A: Yes, you will. The refund is not dependent on the Letter of Variation

Q: I did not apply for a deferral but was unable to make my payment on time due to the office closure. Would additional interest or a late fee be applied?

A: There are is no additional interest or late fee applied.

Q: Once the refund is processed, how long would it take, on average, for me to receive the funds in my bank account?

A: We wish to assure you that although our offices are currently closed in compliance with the ‘stay at home’ orders, our team is working diligently to process all deferral requests.

As you may appreciate, working remotely does present some challenges that could result in a delay. We are working quickly to resolve the issue.