{"id":6030558,"date":"2020-03-18T09:15:19","date_gmt":"2020-03-18T09:15:19","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6030558"},"modified":"2020-03-18T09:15:19","modified_gmt":"2020-03-18T09:15:19","slug":"can-you-get-mortgage-holiday-because-coronavirus","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/2020\/03\/18\/can-you-get-mortgage-holiday-because-coronavirus\/","title":{"rendered":"Can you get a mortgage holiday because of coronavirus?"},"content":{"rendered":"
Homeowners and landlords could feel the impact of the coronavirus outbreak on their finances should they need to self-isolate, take unpaid leave or lose their jobs. They’re now being encouraged to talk honestly and openly with their lenders.<\/strong><\/p>\n Most mortgage lenders have emergency measures in place for situations where borrowers cannot make their repayments<\/a>. Now, some have brought in new options to help out worried customers. According to Martin Lewis, Money Saving Expert, the banks and financial firms are showing forbearance at the moment.<\/p>\n He said: “Many mortgage providers understand the situation. If you can’t work due to coronavirus<\/a>, and that is causing you problems, the first thing would be to discuss it. Be honest and open, and hopefully they will make the terms easier, but it is case-by-case.”<\/p><\/blockquote>\n Many of the major banks have already announced support measures for affected customers. This includes mortgage payment holidays, increased credit limits and penalty-free access to fixed savings. However, experts are urging borrowers to talk to their lender about their personal circumstances to find out what support is available.<\/p>\n However, borrowers shouldn’t assume that they will automatically get a mortgage holiday. Most lenders will assess customer needs on a case by case basis.<\/p>\n Stephen Jones, head of UK Finance, said: “All providers are ready and able to offer support to their customers who are impacted directly or indirectly by Covid-19, which could include offering or increasing an overdraft or allowing repayment relief for loan or mortgage repayments: asking for help early is key.<\/p>\n “We would encourage customers who think they may be affected to contact their provider as soon as possible to discuss the support available to them.”<\/p><\/blockquote>\n The help should be there for most borrowers, but it doesn’t necessarily extend to buy-to-let mortgages<\/a>. Again, landlords should contact their lender if they are having trouble meeting payments. They may be able to make similar arrangements.<\/p>\n But as a huge proportion of society now rents privately, the coronavirus outbreak is likely to affect rent payments, too. When a tenant can’t pay rent, the landlord is likely to bear the brunt.<\/p>\nRepayment holidays and dedicated support<\/h4>\n
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Dedicated support lines<\/h4>\n
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What about landlords and tenants?<\/h4>\n