mortgage breaks

[Ohffs66]

Has anyone done this with Barclays yet? Just wondering if they ask lots of questions.

My friend has just done it with Halifax and he said they didn't even ask him why he needed it, it took just a few minutes over the phone and they agreed to 3 months of no payments with no bother at all.

I haven’t done it but had this message from Barclays today.

thanks for that candycane, I haven't been sent that for some reason. I'll hold off calling for now!

No problem- I’ll let you know if I get anymore updates!

How do they adjust the interest? Is it added on or do you owe it on the fourth payment?

Anyone tried NatWest?

If anyone needs any help my husband is a mortgage advisor- feel free to pm me 👍

Be aware that taking a mortgage break may affect your credit score negatively - I don't know if the government are addressing this for those taking a break due to Coronavirus, so definitely ask the question.

@toomany Martin Lewis says in his weekly email that this will be unlikely because it would be an agreed 'holiday' so shouldn't affect your credit rating

The compound interest added makes this course of action only a good idea if you are desperate

Also, make sure it doesn't count against you as a "deferred" payment as it will affect your credit score

Also, make sure it doesn't count against you as a "deferred" payment as it will affect your credit score

Exactly - even if you pay everything back after a 3-month break on the 4th month, it may well still affect your credit score negatively, even if it's an agreed holiday period.

I agree with @AnyFucker it's not something to do lightly - consider everything first and ask the questions. ''Unlikely'' from Martin Lewis (as much as I admire him!) wouldn't reassure me.

No chance of getting through to Natwest, constantly engaged yesterday and today.

I'm waiting on a call back from TSB. I don't have the privilege of caring how it will impact my credit score as I'm on SMP and DH has had his hours cut, we think they'll close all together soon.

Be aware that taking a mortgage break may affect your credit score negatively l

It isn't missed payments. It's an agreed holiday. No negative reporting. Mortgage holidays are not a new concept. People have used them for years without consequence.

It is best to get it confirmed with your mortgage company on an individual basis and in writing

Barclays have updated their website with some new, sort of helpful info

www.barclays.co.uk/coronavirus/mortgages/

The individual websites are updating now and there is information on the Martin Lewis site

here

I’ve just had a text from Barclays