Further update from the government on how they are helping homeowners
Mortgage borrowers who wish to accept a mortgage holiday from the lender need to be fully aware of the detail of such an arrangement and what it actually means for your mortgage payments, the length of your term, and how this might appear on your credit file.
This is not the lender paying your mortgage for a three-month period but a deferment of these mortgage payments into the future. With that being the case, borrowers should get the detail of any such arrangement and if you have any questions regarding this then give us a call for an explanation of what this actually means for you, and to understand what (if any) other options might be available.
Therefore if you are looking to exercise this then please speak directly with your mortgage lender and take into account the below:
- How this arrangement will affect your credit file
- How this is rolled up i.e. will this extend your mortgage term or increase you balance
- How is the deferment treated
If you do have any question or are uncertain about things at present please give us a call.
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