In light of the recent government and lender announcements regarding 3 month mortgage payment holidays we wanted to bring you 3 tips to ensure you get this holiday when needed.
- Make any immediate payments due – most of you will be eligible for payment holidays with all lenders stating that the holidays are available to customers who are up to date and not in arrears. That does mean however if you have a payment due imminently and haven’t had a mortgage holiday agreed do NOT withhold that payment. That may affect your eligibility for the coming months.
- Be patient – the lenders are being inundated with calls and wait times for most are well over an hour. This means if your payment isn’t due for 2-3 weeks allow those who’s payments are due to make the urgent calls and wait nearer the time.
- Be Prepared – the holiday payments don’t mean that these payments just disappear. The payments are due but will be deferred to a later date which may result in an increased payment or additional top up payments. These may well be incremental aggregated over the duration of the term.
Overall let’s all look out for others and remain calm.
Please feel free to get in touch if you want to discuss this further on 01522513191.