Coronavirus Issue | How will mortgage payment holidays work? | Best guide to mortgage payment holidays
If you are worried you may be unable to pay your mortgage because of restrictions in place due to coronavirus – the first step is to contact your lender. The mortgage payment holiday will provide flexibility in repaying your mortgage by allowing you to stop or reduce your monthly payments for up to three months. This won’t be suitable for everyone but could provide much-needed help if you need it, but this won’t be free money.
A BSA spokesperson said: “Should the customer wish, the lender could conduct a full assessment of their finances.
“It’s therefore important that customers who believe they may be impacted by COVID 19, either directly or indirectly, contact their lender at the earliest possible opportunity to discuss if the payment holiday is a suitable option for them.”
