COVID-19 Benefit Support Summary
We know it’s a difficult time for everyone right now, Homeowners who are struggling to pay interest fees on their Help to Buy equity loans will be offered payment holidays.
MORTGAGE PAYMENT HOLIDAYS
Scheme:
Government has announced support for landlords who are facing financial difficulties as a result of Coronavirus (Covid-19). This approach will also be adopted where necessary for Help to Buy customers paying interest on their Equity Loans. Mortgage payers who are facing financial difficulty due to the ongoing health crisis are to be offered payment holidays of up to three months.
Eligibility:
Whether you are eligible to take a payment holiday, for how long, and the conditions you must meet first will depend on:
- Your lender
- The mortgage contract, and
- Your financial circumstances
Often, in order to qualify for a payment holiday, you’ll need to have previously overpaid on your mortgage. That means paying more than your agreed monthly payments until you have built up sufficient credit to take a break from payments.
However, your lender might also allow you to reduce or suspend mortgage payments if you’re temporarily struggling to meet the monthly cost due to a change of circumstance, such as redundancy or going on maternity leave.
If you’re in mortgage arrears you won’t be eligible for a mortgage payment holiday.
How to access:
Check with your lender and have a look at your mortgage terms and conditions to see if you’re eligible for a mortgage holiday and if they are allowed under your mortgage agreement.
We will continue to share the most up to date information directly with you as it becomes. If you want to discuss above mentioned measures please don’t hesitate to contact us.