Should I Consider A Mortgage Holiday?
Coronavirus Mortgage Payment Holiday
The Government has confirmed that all mortgage lenders in the UK will offer a payment holiday of up to 3 months for people struggling to make payments as a result of the Coronavirus (Covid-19)
crisis.
Is it the right time for you to take a payment holiday?
The Mortgage Hive would like to help you to make an informed decision that will work for you during the next few weeks but also for the remainder of your mortgage.
Get Expert Help Applying for Your Mortgage Break Today!
One To Three Month Payment Break
Understand the Pros and Cons
Find Out How It Will Affect Your Future Mortgage Payments
Does It Make Financial Sense
To Take A Payment Holiday?
During this unprecedented time taking a Mortgage Holiday will not affect your credit rating. Freezing your repayments for up to 3 months is appealing for most people but you need to consider how this will alter your future payments. You will still have to pay the interest from the months that you miss payments, although not immediately, it will be added to your Mortgage Balance which will change your monthly repayments.
The Payment Holiday Process
1When can I apply for a mortgage holiday?
You will be able to request a Mortgage Payment Holiday within 3 months of the Government’s announcement offering Coronavirus payment holidays (up until June 2020). If you are experiencing financial difficulties due to the Pandemic, you may want to consider this.
2How to contact your lender
You may find your lender is difficult to contact over the coming days or weeks. There is a very high demand for their services. Most Lender allow you to request the payment break via an online form. Please see the Lenders at the bottom of this page.
3Approving a payment holiday
You will not need to give evidence of how Coronavirus has impacted your finances. However if you are currently behind on your mortgage payments, your lender may not agree to a Mortgage Holiday. We could look at alternatives which may better suit your circumstances.
4When will I repay the missed payments?
This varies between lenders, some will add 3 months onto the end of your term. The other option will be to increase your monthly payments for the remainder of your mortgage term.
5Will a mortgage holiday affect my credit score?
Your credit score will not be affected if you decide to take a payment holiday within the 3 months set out in the Governments guidelines. If you do not agree with your lender to take a payment holiday then fail to make your monthly payments, cancel your direct debit or standing order or your payments are late, your credit score will be negatively affected.
6What to expect after the payment holiday?
Monthly payments will begin after the agreed period of Mortgage Payment Holiday. If you are still struggling financially due to Covid 19 call us for further advice.
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