I had some useful information sent to me by my mortgage advisor that I’m posting here.
They shared some useful information, including a document with links to online application forms for mortgage payment holidays with various providers. I’m copying the info they’ve shared below (and if you happen to be in Edinburgh, and in need of mortgage advice I can thoroughly recommend Martha Martingdale at PW&Partners! )
"We have become aware of extremely long telephone holding times…going into many hours. So we have updated our information document attached with helpful links that will take you directly to an online application form or the information page telling you more about what is available to you from your particular mortgage lender.
Of course, this list is not an exhaustive list. So if you can’t find your lender and are struggling to find any information around Covid-19 on their site, please don’t hesitate to get in touch.
*Please also note, that there are other options available to you rather than a payment holiday…for example if you have an overpayment reserve, you could underpay instead. *
If you are up-to-date on your mortgage payments and not in any arrears, and you can confirm you have been affected, whether directly or indirectly (perhaps a partner or child has become ill and you are unable to work or you have lost your job permanently or temporarily or your hours have been cut dramatically) by the Coronavirus, your lender will look into this further and make their decision based on the above.
As a Landlord, you may have several rental properties. If your tenant/s are having difficulties paying their rent to you due to the Coronavirus, you can confirm this and you are up-to-date on your mortgage payments, you can apply for a Mortgage Payment Holiday with some lenders -others seem to still be working on this offering.
Your home may be repossessed if you do not keep up repayments on your mortgage.
HOW IT WILL WORK…
If you decide to apply for a Mortgage Payment Holiday, we recommend you really consider the right time to do this, it could be immediately or over the coming months. The interest will still accrue during the holiday period (up to 3 months) and you will need to make up any deferred payments at a future date. This will all be dependant on your particular mortgage lender of course.
The good news is this WILL NOT AFFECT YOUR CREDIT RATING.