Mortgage lenders are offering mortgage holidays to customers that are affected by the coronavirus. The Government has announced that every lender must offer a mortgage holiday for up to 3 months.
What is a mortgage holiday?
A mortgage holiday allows the borrower a reduction or break in mortgage payments to help during financial stress.
You will still need to make up repayments over the rest of the mortgage term.
Who is eligible?
After the Government's announcement yesterday, all lenders are offering mortgage holidays to customers affected by coronavirus, customers must be up to date with their repayments to be able to apply for a mortgage holiday.
All residential mortgages are eligible, whether main home, 2nd home and even buy to let for landlords where they must pass the same rent holiday option on to tenants.
Reality Check - this is a temporary option only and you still owe any mortgage payments missed, they are arrears and you will need to make arrangements to pay them.