Are you applying for a mortgage payment holiday?

[brachiosaurusdance]

I'm very confused with what to do on this one. DH is currently the main earner, luckily he's still working full time at home but has been told that he'll very likely be furloughed in the next few weeks.

Looked online and our mortgage provider has said they won't need proof that you've been affected but by submitting an application we are confirming that we have been affected. The cut off date is 30th April. So if I apply as it stands now, we haven't been affected yet, but we may well be in the next few weeks.

I'm scared if I apply for it now then is it fraudulent? Also really worried about DH not having a job at all in May and then by going past the cut off date ruining our finances. I'm a worrier if you couldn't tell and always assume worst was scenario!!

[Bearbehind]

The way things are going, the 30th April is a lifetime away.

Hang fire for now and see if the situation changes by then.

Your DH might not be furloughed or the government might force banks to extend the date application can be made

Applying before anything has actually changed and without knowing for certain they will change would probably be fraudulent and I’d feel like it was tempting fate (which I realise is probably irrational)

[MarieQueenofScots]

Most lenders offer mortgage holidays whether in the middle of a pandemic or not.

It isn’t fraudulent, you’re not getting anything for free you’ll simply add the unpaid months on to your mortgage term.

[ScarfLadysBag]

I doubt it's fraudulent - you can usually apply for mortgage holidays any time if your account is in good standing, it's just they're waiving the usual checks and process to make it easier. You're still going to end up 'paying' for it as you'll have to pay any interest anyway, so you're not actually taking any money from them, you're just delaying the payments. You aren't getting anything for free.

[Ineverdidmind]

Don't worry it's not fraudulent.

You could apply but put your usual payment to one side in a savings account 'just incase'. Then if you need it, use it. If it turns out you dont need it, pay it back.

[wowjustwowyes17262]

We applied for one week before last as had a feeling DD nursery was going to close (stuff they had said etc) and low and behold it has done.(Key workers) We are going to try and work it around her but that’s near impossible. One of us will have to drop our hours dramatically or take unpaid leave.

We actually nearly took a mortgage holiday before all started.

[Bearbehind]

The massive difference is that this mortgage holiday doesn’t affect your credit rating but one in usual circumstances they do.

You have to specifically confirm you are suffering financial hardship due to CV in order to make the application

[Elieza]

You still have to pay interest do you’re just postponing the payment. Wait and see if you need it. Why pay for something that you don’t need. See martins money tips for advice. He’s brill.

[Shitsgettingcrazy]

I am waiting until last minute. Dp was made redundant.

I am the main wage earner so we are managing out Bill's. I am not furloughed. But who knows what the next few months may hold. Taking it now, isnt going to be much help.

If things arent going well, on a national scale, I suspect the cut off date will be pushed back.

[brachiosaurusdance]

Thanks for all of your comments.

If things arent going well, on a national scale, I suspect the cut off date will be pushed back.

DH also said this ^^ I don't want to apply for one unnecessarily so will keep everything crossed that should shit hit the fan then we will hope to have the payment holiday then. I also don't want to freely use it too early, should we need to apply for it 6 months down the line outside of the covid measures in place.

I'm so sorry your DP has been made redundant Shitsgettingcrazy

[Shitsgettingcrazy]

@brachiosaurusdance ah thank you. Honestly it's fine, I earn well, so we can make the bills and eat.

He was also having a health monitored. It has the potential to very serious very quickly. He isnt getting his 4 weekly scans. So, honestly, I would rather have him at home rather than risking himself catching it. When he gets his next scan he need to be able to go, which he couldnt if he has symptoms. I know he has a small risk of getting it from when I doing the shopping etc. But having him home reduced the risk.

Also he is watching my ds while I work at home. I had to do a 14 hours, twice, last week. He is also doing all the housework Things could definitely be worse.

I am like you. Not wanting to apply, when we are ok, but worried what happens if the shit hits the fan for us later.

[Samiad85]

I have.
Santander mortgage in my name only but it’s dh income that’s been affected. (Self employed plasterer) Haven’t had to prove anything. Very simple online form. Submitted it and took a few days to be confirmed.
Also applied for 3 month holiday On dh loan he has with Barclays for his work van. Again very simple. Just adds 3 more months onto end of loan term.

[maternityclothes]

Just wait until the 29th to decide. You can put the money by if your dh is still working and then overpay later to make up the mortgage. Your mortgage most likely offers a holiday as part of its term anyway.