Applying for a three month-mortgage payment holiday
Mortgage borrowers that have been adversely affected financially by coronavirus (COVID-19) may want to consider requesting to take a mortgage payment holiday on their residential or buy-to-let mortgage for up to three months to help their financial situation. The Government’s policy is aimed at easing the stress some borrowers will be facing during the pandemic outbreak.
Easing the stress some borrowers will be facing during the pandemic outbreak
It also provides some flexibility at a time when many workers are facing lower or no incomes. As mortgage payments are usually a household’s largest outgoing, pausing payments may help to take some of the pressure off. However, an alternative some mortgage borrowers may want to consider is the option to reduce payments instead of delaying the debt.
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Reference – FS051 – May -20