Mortgage Holidays Extended


It was confirmed earlier this week that those struggling to pay their mortgage due to coronavirus will be able to extend their payment holidays for three more months, or start making reduced payments.

An article from confirmed that proposals put forward have now been granted for helping those with mortgages, including extending the application period for an initial mortgage holiday until 31 October 2020, so that customers who haven’t had a payment holiday and are experiencing financial difficulty would be able to ask for one up to this date.

Some important points to summarise:

📍 If you’ve not had a mortgage payment holiday, you’ll have until 31 October 2020 to apply

📍 If your payment holiday’s ending, you can ask for another three months if you’re still struggling.

📍 The current ban on repossessions of homes will continue until 31 October 2020.

📍 Payment holidays and partial payment holidays won’t go down as a missed payment on your credit file.

📍 If you can make full or partial payments, you should do so.

If you are struggling with your mortgage payment or any aspect of your finances, please don’t hesitate to get in touch.

Mortgage Solutions Belfast is here Monday-Saturday, phone and email.

📞 02890 642000


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