Can I get a mortgage holiday when my income is secure?

[Mydietstartstomorrow]

Hi, I work for the council so I'm one of the lucky ones whose income is secure. I split up with my husband last year, our house has been on the market and I moved in with my elderly parents. I have had to move out as they are at such high risk and have moved back into my house (with estranged husband) but after 6 days it is clear this is not going to work out well (who could have guessed!!) and I am now looking for a short term let. I will still have to pay half the mortgage so will struggle with that and rent and Bill's on the rental so wanted to get a mortgage holiday but unsure if I'll get one as mine (and my ex husbands) income is secure. Has anyone managed this? Thanks

Not sure, I think most lenders are just asking people to apply using an online form. Could you just explain on the form that you need the mortgage holiday due to separation and not being able to live with parents any longer due to coronavirus. I think it sounds fair enough, as if it wasn’t for coronavirus you wouldn’t have the financial issue?

If it's a joint mortgage then your husband would have to agree. You can't have a mortgage holiday just for half of the payment, you are jointly and severally liable, there is no 'my half' and 'his half'.

Lots of mortgage products have the possibility to take a break in payments written into them, so log on to your lender's portal or dig out the paperwork and see if you can. It wouldn't be dependant on you being in a straitened situation, sometimes people just need to hold on to a bit of money for many reasons.

If with nationwide it’s just a short online form without any probing questions

People applying for mortgage holidays under the new rules are having the process slowed down by people applying who do not really need to.

However, mortgage holidays were around before corona virus, but they did affect your credit rating and standing going forward if you wanted to remortgage.

So yes whilst you could have applied for a payment holiday, pre corona virus. I think it is disingenuous of you to try to use the slightly better terms bought into play because of the corona virus.

Also like other about have said, check your paperwork, you may be able to get all sorts of help.

They aren't really checking on eligibility, I don't think but besr in mind it will impact on future payments. The payments won't go back to what you were paying before at the end of it.

I totally understand you paying half the mortgage until it sells but, does he pay you rent for living there? It seems unfair if he doesn't.

Just bear in mind the money goes back onto the total you owe. As most repayment mortgages front load the interest into the repayments before you repay any principal, you do end up paying more overall over the term.

The average £1000 mortgage over a 30 year term will go up by £12 a month after a 3 month mortgage holiday

(As a rough guide)

The mortgage holidays that are being approved now do not affect credit rating

@flirtygirl - but she is applying because of the Coronavirus, otherwise she’d be living with her parents and paying her half of the mortgage. If the mortgage co doesn’t specifically require you to say that you’ve lost income, I don’t think it’s disingenuous to take the benefit of those more generous terms.

You would need your husbands permission.

No questions from Santander (other than ticking a box to say you are concerned about the effects of Coronavirus on your income or similar). I don’t think anyone will have the time to probe too deeply. Besides which, with most mortgages you were already entitled to one anyway if you needed it?

Thank you TreaterAnita 😁 no, I wouldn't be asking for this if it wasn't for the corona virus so I'm not exactly trying to make out of this situation believe me! You try living with your estranged husband that you split up with over a year ago, have been at each others throats with since, and only the other week walked into your own house to find he had a girl there!
Not much fun!
He is happy to apply for one (as it would allow him to spend more money on beer I expect! 😏)

Don’t know who your lender is but I’ve just looked at the Halifax payment holiday form, all it asks is that you tick a box to say that the payment holiday is related to coronavirus and not to any other financial struggles. (They direct you elsewhere for that).

You also have to tick to say that you know your payments will go up after the payment holiday.