Mortgage Holidays C-19

Oslernorth

Active member
Joined
23 Dec 2017
Messages
254
Mortgage holidays were announced earlier this week by the government to help homeowners manage the bills if they’re not being paid.
This maybe a route I have to go down.
Has anyone else here looked into how it works? I haven’t been able to find any further details online.
Useful information would be knowing if it will increase costs once the Holiday period is over? Or will the Mortgage just be extended by the time of the Holiday period after I resume paying it.
Hopefully any information or thoughts on this subject can help others in the same boat
 

Scotchegg

Well-known member
Joined
14 Dec 2017
Messages
5,453
Mortgage holidays were announced earlier this week by the government to help homeowners manage the bills if they’re not being paid.
This maybe a route I have to go down.
Has anyone else here looked into how it works? I haven’t been able to find any further details online.
Useful information would be knowing if it will increase costs once the Holiday period is over? Or will the Mortgage just be extended by the time of the Holiday period after I resume paying it.
Hopefully any information or thoughts on this subject can help others in the same boat
The terms should be down to your mortgage provider, so it's worth contacting them. The details may be slightly different but I guess that your repayments would just be recalculated after the break with increases dependant on how long you have remaining on the mortgage. In simple terms it will be like getting a loan of 3 x monthly payments spread over x number of years.
 

ZeroTheHero

Well-known member
Joined
7 Dec 2017
Messages
4,822
I do some (web) work for a mortgage company. If you want or need to take a mortgage holiday in the current situation, the very first thing to do it to contact your mortgage provider. The holiday will NOT kick in automatically and if you miss a payment that WILL attract a snotty letter and do significant immediate and lasting damage to your credit rating.

Edit. Actually I have just helped the company set up a forum for people to ask questions like this (which are probably best asked on a forum where they are mortgage specialists rather than football supporters!). You can and probably should be anonymous on there and it's free (so no monetary gain for me by posting this) - https://www.simplyadverse.co.uk/forum. I hope that helps someone.
 
Last edited:

Oslernorth

Active member
Joined
23 Dec 2017
Messages
254
I do some (web) work for a mortgage company. If you want or need to take a mortgage holiday in the current situation, the very first thing to do it to contact your mortgage provider. The holiday will NOT kick in automatically and if you miss a payment that WILL attract a snotty letter and do significant immediate and lasting damage to your credit rating.

Edit. Actually I have just helped the company set up a forum for people to ask questions like this (which are probably best asked on a forum where they are mortgage specialists rather than football supporters!). You can and probably should be anonymous on there and it's free (so no monetary gain for me by posting this) - https://www.simplyadverse.co.uk/forum. I hope that helps someone.
Thanks for the link
 
Top Bottom