How will a mortgage payment holiday affect you?
Life is different at the moment and the financial regulator (FCA) have announced that people can take payment holidays from their mortgage to ease the financial pressures many are having just now as a result of COVID-19. Taking a mortgage payment holiday means you will not make any repayments during an initial three month period. Typically lenders will continue to apply interest to the mortgage balance during this period. This will mean that at the end of the mortgage payment holiday, including any extension beyond that initial period, the monthly mortgage payment amount for the client is likely to increase. The FCA has confirmed that a mortgage payment holiday will not have any negative impact on a client’s credit score.
If you would like to discus the various mortgage options available please contact one of our mortgage advisers on 01224 900879. They are all working from home and are happy to help. They also have a list of all the best contact numbers to speak to at the various banks and building societies.
Replies
Happy to try and help people Andrew...I know times are hard for many at the moment. Hope your doing fine.
Thanks very much for sharing this with the members, Phil
Great information in there Phil and sure it will help many people understand the payment holidays as it may be the case some people rushed in to this at a pressured time.
I will be sure to pass on the numbers above to anyone I know how requires help for this.