Mortgage holidays offered during uncertain times
The Chancellor of the Exchequer, Rishi Sunak, announced that UK lenders will be offering mortgage holidays for those struggling financially during these unprecedented times.
Mortgage lenders will now be offering a three month mortgage holiday (also known as a payment holiday) to those households who are struggling financially with the widespread impact of the coronavirus.
This announcement is an attempt to offer much needed relief to homeowners who need to self-isolate but are worried about how they’re going to keep on top of their mortgage payments if they aren’t working.
If you've been furloughed, you could get paid 80% of your wages, up to a monthly maximum of £2,500. Read our page on the Coronavirus Job Retention Scheme (CJRS), and use the calculator to see what your new income could look like.
Speak to your mortgage adviser
If you’re struggling with ongoing financial difficulty, mortgage holidays should not be treated as a long-term solution to this. They’re purely there to offer short-term relief for those struggling with their finances.
For more information about mortgage holidays, please get in touch with your mortgage adviser and they can put you in touch with your lender to find out if you’re eligible to apply.
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Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.