We understand that it’s a very uncertain time right now and your monthly mortgage payment is a large outgoing for most families.  As the government has recently announced, borrowers are able to apply for a 3-month mortgage payment break. 

Borrowers who are already up to date with their mortgage payments and who need to take advantage of the 3-month mortgage payment break (for residential or Buy to Let mortgages) because they have been affected by the impact of Covid-19 then please rest assured that your mortgage lender is there to help.

For Buy to Let mortgage payment holiday breaks these will be offered on the understanding that the benefit is then passed on to the tenant.

In the first instance, contact your lender directly or check their website to apply for the payment break and they will provide you with instructions of what this means for you and how your monthly payments going forward are likely to be affected. Taking a mortgage payment break will mean that your future monthly repayments may increase or your mortgage term will be extended – in any event, interest will continue to accrue so please think carefully before proceeding with a payment break unless you have no other option available to you.

Each lender may have separate criteria and processes to apply for this payment break and it’s imperative that you understand their stance on the impact this would have on your credit score, if any.

Further details can be found here at the Money Advice Service: https://www.moneyadviceservice.org.uk/en/articles/mortgage-payment-holidays

If you need assistance for telephone numbers for lenders or if you have any queries or concerns and wish to speak to someone about your mortgage options, please feel free to contact Sam Naylor on 0330 088 7111.