Mortgages and COIVD 19
7th April 2020
We wanted to take the opportunity to update you on the measures that various mortgage lenders are putting in place to assist people who are experiencing financial difficulties as a result of the COVID19 outbreak.
The Government has announced that lenders will be able to offer a 3 month mortgage payment holiday for anyone experiencing financial hardship as a result of the outbreak.
Please note, this doesn’t mean that you have to be diagnosed with COVID19 – just that your income and ability to make your mortgage payments have been impacted!
The situation is developing day by day and at the present time, most lenders have got something in place. However, their call centres are swamped and the best advice is to check online with the mortgage lender website as most now have online forms that can be used.
Key things to note:
- Please make sure you have applied for the payment holiday before stopping the payments. If the payment holiday has been granted, your credit score and record will not be impacted. If you simply go into arrears, it will be.
- The lenders will notify you as to when the payment holiday will commence.
- The interest on the loan will still be charged, and there will need to be some arrangement in due course to repay that. The majority of lenders have indicated that they will be able to offer different options, such as repayments over a period of time or even extending the term of the loan if necessary. They will work with you to find the most appropriate solution for you.
- This payment holiday is available to anyone, either employed or self employed, who is affected.
Obviously, we are here to help if you need specific advice and support. We have up to date information from most lenders on their processes, so if you have any problems making contact, then let us know and we can provide that information for you.
The office is closed, however you can continue to contact us in the usual manner and we shall do our best to answer any questions you might have.