Coronavirus Mortgage Holidays
As a client of Kyle Financial, you might be wondering what a mortgage holiday actually is?
What’s being offered is the ability to temporarily freeze your mortgage payments for up to 3 months. This will be added on to the end of the term of your mortgage but works as a stop gap where there’s a drop in income.
Will this affect your credit rating? Firms will speak to credit agencies, ensuring customers who take a mortgage holiday are treated equally and make efforts to ensure holidays under these circumstances will not result in a negative impact on the borrower’s credit score. Firms will speak to credit reference agencies to ensure customers who take a repayment holiday are treated consistently and will make efforts to ensure that forbearance offered under these circumstances will not result in an adverse impact on the customer’s credit score.
How do I apply if I need this? Usually, the lender assesses the customer’s finances however in the midst of the Coronavirus Pandemic, lenders are giving borrowers the ability to self certify and should contact their lender.
If you’re a client of Kyle Financial, in order to make things easier in the current climate, we’re happy to help you with this and discuss it further if you’d like