Mortgage and Rent Holiday
Support for Mortgage and Rent Payments
Following the recent worldwide breakout of Coronavirus (Covid-19) the devastating financial affects are now becoming real for employees, businesses & directors and those in rented accommodation.
How this will affect you, will depend on your specific financial circumstances. However, we have provided information below of the overview of the details known so far for each individual concerned and the help available for you.
Residential Mortgages
Most of the high street lenders are offering an interest free, three (3) month payment holiday if you think you will struggle to make your monthly mortgage payments because of Coronavirus, please contact your bank or financial advisor to request.
Please note that the payment holiday should not count as a default on your credit file, as it is an agreed payment holiday. However, we recommend that you check this with you provider before agreeing to take three months off your monthly mortgage commitments.
Property Investors & Landlords
The above three (3) month payment holiday has also been extended for property investors & landlords in the form of Buy to Let Mortgages, as it is predicted that those renting will struggle to meet their agreed rental payments.
Rented Accommodation
The government has announced a radical package of measures to protect those renting and landlords affected by Coronavirus. As a result, no renter in either social or private accommodation will be forced out of their home during this difficult time.
Emergency legislation will be taken forward as an urgent priority so that landlords will not be able to start proceedings to evict tenants for at least a 3 month period. As a result of these measures, no renters in private or social accommodation will need to be concerned about the threat of eviction.