Mortgage Holidays

[Whorty]

Rich contractors don't have mortgages. They have a massive house, all paid off, and 2 years warchest in cash waiting for the next downturn.

Only permies are saddled with debt and misery.

You only have 2 years warchest?

[northernladuk]

Good! If a wobble 5 yrs and 11 months ago is relevant to a lending decision now, so should the fact that someone had to use a holiday in the current time frame, when they need a loan in 5 yrs and 11 months time.

Payment holidays should show on credit history, end of.

M

Nah. Landlords could use it if tenants are having problems paying so just deferring until they can. Landlord shouldn't have a mark on his credit because he's helping a tenant out IMO.

[mjcp]

I can see the new question on future mortgage applications.

"Have you ever had a mortgage holiday (meaning you struggled to pay in the past)".

Mortgage application rejected.

Good! If a wobble 5 yrs and 11 months ago is relevant to a lending decision now, so should the fact that someone had to use a holiday in the current time frame, when they need a loan in 5 yrs and 11 months time.

Payment holidays should show on credit history, end of.

M

[DimPrawn]

Taken from the BBC

Mortgage payment holiday extended for further three months - BBC News

Makes it sound great, all you can eat, free bar, tempting pool and great healthy tan included...

[Martin@AS Financial]

Mortgage payment holiday extended for further three months

Taken from the BBC

Mortgage payment holiday extended for further three months - BBC News

[GhostofTarbera]

Neah, gov will find ways to prop the ponzi scheme as it has always done.
Allowing people to pay their mortgage with their pension pots could be next...
Younger people will just have to WORK HARDER.

Like fruit picking


Sent from my iPhone using Contractor UK Forum

[GigiBronz]

Neah, gov will find ways to prop the ponzi scheme as it has always done.
Allowing people to pay their mortgage with their pension pots could be next...
Younger people will just have to WORK HARDER.

[AtW]

Covid anti-body test will be required to get any loan in the future

You’v heard it on here first

[DimPrawn]

I can see the new question on future mortgage applications.

"Have you ever had a mortgage holiday (meaning you struggled to pay in the past)".

Mortgage application rejected.

[ladymuck]

Rich contractors don't have mortgages. They have a massive house, all paid off, and 2 years warchest in cash waiting for the next downturn.

Only permies are saddled with debt and misery.

Oh do sod off.

[Old Greg]

Rich contractors don't have mortgages. They have a massive house, all paid off, and 2 years warchest in cash waiting for the next downturn.

Only permies are saddled with debt and misery.

Sorry for your troubles.

[DimPrawn]

Rich contractors don't have mortgages. They have a massive house, all paid off, and 2 years warchest in cash waiting for the next downturn.

Only permies are saddled with debt and misery.

[Martin@AS Financial]

Bumped in case anyone missed first time around.

[Martin@AS Financial]

This is something we have recently sent our clients and thought it would be useful to post here regarding your mortgage:


The good news is that lenders are offering specialist support to clients affected by Coronavirus. However, asking for help early is key.

So, here’s what we know.

Right now, mortgage providers (lenders) are putting measures in place to help clients. In the context of your mortgage, this could be an agreement between yourself and your lender to delay mortgage payments.

Major UK banks have introduced repayment holidays on mortgages. Which means being able to delay payments if you are unable to make them.

What if my lender doesn’t offer a full repayment holiday?

Don’t panic. If your lender can not offer a full mortgage repayment holiday, there may be other ways they can help. Your lender can work with you to help reduce your mortgage payment. This could be by making changes to your product (such as increasing the term) or allowing you to switch to an interest-only product.

In some cases, a lender may be able to offer payment alternatives. For example, in the form of an increased overdraft, if you hold another account with them.

*Remember: mortgage payments are a function of how much you’ve borrowed, the interest rate that you are paying, whether your product is repayment or interest-only and over how many years you will be paying off your loan

What happens now?

If you’re worried about payments, the best thing to do if get in touch with your lender to talk through your options. Your lender will assess what’s happening and provide support tailored to you. Lenders are stressing that that it’s important to get in touch as early as possible.

Our tip: when contacting your lender, make sure you’re able to talk to about your current situation, your finances and have an idea of how much you can afford to pay.