Did they give criteria as to who the mortgage holiday would apply to?

[NemophilistRebel]

We are suddenly down to one wage and wondering if they have given specific criteria for the mortgage holiday?

They haven’t said. It was the first thing I wondered.

Not that I know of, it said affected by coronavirus, so if you are one wage down you are affected!

Have tried to find out. Probably have to meet loads of t's&c's for it to apply, prove your income/outgoings for the last 5 years, have a front door that faces a canal and be born on a Friday (or some such drivel!)

@BeautifulBirds yes that’s along the lines I was thinking

Sorry, I pressed post too soon.

Has anyone called their mortgage provider today and able to shed any light?

I would imagine that the details are going to take a little while longer to sort.

Some banks were doing this off their own back anyway. Might be worth calling yours

I would have thought that it would be available to anybody who asks for it, but it will only be attractive if you need to reduce your outgoings, eg you'll still have to pay it back eventually and the interest might get rolled up.

all you need to do is request it. nothing to prove or send in etc its for everyone that needs it up to 3 months.

YY to the advice to call your bank, and fingers crossed there will be a MSE article soon enough explaining it. I imagine you will have to show conclusive proof that the CV actively caused your financial issues and that you weren’t able to avail yourself of any of the other help available.

I can take 3 holidays from my mortgage. It came as standard, would be worth a phone call to your provider to see if they do it too?

done mine with Natwest today, no problems at all via there live chat

My grandad (retired bank manager) advised us against taking a mortgage holiday when my husband got made redundant. Don’t exactly know why but suspect they kill you with interest at the end. Hopefully that isn’t the case with the CV breaks but just double check 😊

Does the interest still get added? That seems a rather important distinction to me

Does the interest still get added?

The wider question - which will probably answer a lot of peoples questions - is will the banks lose out ?

Since the answer to that question has to be "No", then you can work backwards to see what will happen.

My grandad (retired bank manager) advised us against taking a mortgage holiday when my husband got made redundant. Don’t exactly know why but suspect they kill you with interest at the end. Hopefully that isn’t the case with the CV breaks but just double check

i thought this but then thought 33 year in the future me can deal with that one lol*

My grandad (retired bank manager) advised us against taking a mortgage holiday when my husband got made redundant. Don’t exactly know why but suspect they kill you with interest at the end.

Also knacker your credit rating for years.

new government guidance means during this crisis it will no affect your credit rating.

took me few minutes with nationwide this morning, and we only took out our mortgage last year, but are down to one income for the next 3 months.

Also knacker your credit rating for years.

i got told it wont affect credit rating

Mine said we have to fill in an application form for affordability criteria and it will count as a default on our mortgage. I'm hoping they will change that after yesterday

i got told it wont affect credit rating

Mine said we have to fill in an application form for affordability criteria and it will count as a default on our mortgage.

In the absence of a vaccine, having definitive answers to these questions is what government should be doing (that's a reply to a poster on another thread )

I'm strongly of the opinion that an organisation that is incompetent under ordinary situations only becomes more - not less - incompetent under extraordinary situations. Not feeling too disproven so far ...

anyone done this with nationwide yet?

Also knacker your credit rating for years.

Exactly. Everyone thinks a mortgage holiday is such a great idea and so kind. It is not.

@DGRossetti

Ah! I knew there would be a reason. Thank you very much. Glad we didn’t do it.

We are both freelance and all my work for the foreseeable future (and a lot of my husbands too) has been postponed or cancelled. We called Nationwide yesterday and it took 5-10 minutes to organise a 3 month mortgage holiday. They asked if it was because of Coronavirus and then had to speak to both of us (joint mortgage) briefly to make sure we are both in agreement. They said there were thousands of people applying and they wanted to make it sure it could be quickly pushed through.

@DGRossetti Ah! I knew there would be a reason. Thank you very much. Glad we didn’t do it.

Don't take my word as gospel after all, it's not like I'm Boris Johnson.

But I would wear my "what's the real deal" glasses (free with every liberal education) when making decisions based on what governments say they are doing. So unless there's a link to an official government department (treasury, DWP, DEFRA) which states categorically that suspended mortgage payments will not count as a default, I would assume - as normal - that they do.