Coronavirus: Mortgage Payment Holidays
A mortgage payment holiday is a short-term arrangement where your mortgage lender allows you to take a break from monthly mortgage repayments (or to make reduced payments) for an agreed period. The monthly payments you would have made are instead added on to your mortgage balance.
If you have been adversely affected by Coronavirus, the Government has
confirmed that you may look to take a mortgage payment holiday on your residential or Buy to Let mortgage to help your financial situation. This was due to end on 31 October 2020, however, borrowers impacted by Coronavirus who have started a mortgage payment holiday may be able to top up to six months without this being recorded on their credit file. Those who have not yet had a mortgage payment holiday could be entitled to a six month holiday. If you are up to date with your mortgage payments, the mortgage payment holiday will not affect your credit rating, and you will not go into arrears on your mortgage.
Find out more about Mortgage Payment Holidays including eligibility and how to apply in our fact sheet.
For further information or advice, please get in touch with a member of our team.