Mortgage break as a Landlord

[Browniegal13]

Hi, I’ve been looking but can’t see and wondered if anyone knew the answer to my question.

I am a landlord with one property. My tenant is in the travel industry which obviously isn’t fairing so well at the moment. Although sadly I can’t take the hit for charging him no rent, I could afford to charge him a lower rate for a short period of time, particularly if I could get a mortgage holiday as suggested today by the government. Does anyone know if I will be able to take a mortgage holiday on a buy-to-let mortgage? I will phone the provider in the morning, but would like to let him know tonight if it is a possibility.

Thank you

I don’t have an answer to your question, but there are quite a lot of mortgage advisors on the Mortgage section of the Money Saving Expert forum and they may know

Don't you have landlord insurance ?

^ Loss of Rent cover is the basic cover which only covers the landlord if there is material damage^ to the property and it cannot be inhabited. Loss of income for non-paying tenants is a separate cover and is more expensive. It’s not usually an option as an extension on big-standard property owners’ policies.

We have a small flat which we rent out, and I called the mortgage provider and asked about 3 month holiday, she advised I could take 6 months so we took advantage of it! (Also took 3 months on our house) Am putting all to one side what we get in rent for the flat (luckily our tenant doesn't have any financial worries) and will pay a lump sum at the end of the 3/6 months if ok, but I have the money there in an emergency! We have a small family business which we are trying to keep above water so it's good to have a small back up if we sink!! Hope you get it sorted, some very challenging times ahead!

If you get a mortgage holiday why can't you pass it on to your tennant?

bemoreeverything
If you get a mortgage holiday why can't you pass it on to your tennant?

Because it’s not actually a holiday - the payment only gets deferred - you still owe it - all it does is to give you a short period if breathing space. It is kicking the can down the road.

Exactly what Forensic says, our mortgage holiday doesn't mean we don't have to pay it, after the 3 month 'holiday' our monthly payments will go up slightly to cover the 3 months we missed, our tenant has no financial risks due to this current situation so would rather carry on as she is, we have discussed it with her,