Mortgage holiday

[Endoflifeasweknowit]

Hi!

Just wondered if anyone has applied for this (particularly through Barclays). We can pay this months but next month we are going to struggle (dh is self employed and we have lost about £1500 a month ☹️) we are incredibly fortunate that we can get help from family but a mortgage holiday even for a few months will hugely help us !

We are also considering this but with another bank. I'll be following this thread with interest.

My husband has lost his job and I am SE and have lost 2/3 of my income. It's a worrying time for many

Can't help unfortunately but I'm wondering the same thing. Mortgage with M & S. Okay for this month but unsure about next month.

If you already know your finances will be impacted think you’re likely to need it my advice would be to do it. Set it up in advance. The banks have confirmed this won’t adversely affect credit ratings as they won’t be expecting a payment from you that month(s). If you find you’re able to set all or some of the money aside you can still make voluntary payments.

My mortgage is with Halifax and I believe it can all be done online - you don’t need to speak with anyone.

Santander you can also do it online. We will be applying this week. Apparently it’s a very quick and easy process. If you only have a low loan to value and you think it will be more than three months I’d suggest switching to interest only for a while to massively reduce your payments monthly. We have only just bought so not possible for us.

We are only a few years into our mortgage so I'm not sure interest only for a year (while potentially lovely!) would be a good idea for us. I'm really hoping if we do the 3 months holiday that will see us through and things will be getting back on track. Thankfully (and I know we are very lucky for this) my husbands business has no outgoings (think motivational speaker but not that) so he should be able to pick up where he has left off when things get better.

Anyone have an update.

Dh has just been told he is being made redundant.

He gets three months gardening leave but out mortgage is huge. I'm terrified he won't be able to get another job for ages and if we could save three months mortgage payments it would give us a bit of breathing space.

I'm just not sure we qualify as he will be getting paid for 3 months.

Most banks just seem to require you to declare you are financially affected by CV.

They have been inundated with requests so they’re not going to verify every one

Being made redundant is certainly going to financially affect you, albeit not for 3 months

I’d just apply