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Original poster

Has anyone had their mortgage holiday approved?

52 replies

mnahmnah · 04/04/2020 09:32

Hi

I’ve just applied for the Coronavirus 3 month mortgage holiday with NatWest. Obviously being a Saturday, and how busy they will be, I won’t find out if I’ve been approved for a few days. I’ve never missed or been late with a payment, so I should be fine? Just wondering if anyone else has applied and been approved, or if not was declined and why?

Thanks!

OP posts:
foxyknoxy30 · 04/04/2020 09:38

I have just applied with RBS yesterday (same as Nat West),like you I have never missed a payment so I don't imagine there being any reason why it wouldn't be accepted.5 days was the turn around and in these troubling times I don't suppose they can say no.

Bobsandbitz · 04/04/2020 09:39

I applied on the 24th March, got it approved and letter in the post on 31st March. We're with Nationwide, I did it all online.

Original poster
mnahmnah · 04/04/2020 09:50

Great. Fingers crossed then! Thank you

OP posts:
alwaysstressed · 04/04/2020 14:21

I applied last Saturday, im with Halifax and haven't heard a thing yet.

whiteroseredrose · 04/04/2020 14:29

Yes. DH has just done it with Barclays

Mammabear31 · 04/04/2020 14:51

Applied just over a week ago with Barclays, approved on Wednesday.

Smellbellina · 04/04/2020 14:53

Yes, Nationwide, confirmation letter was recieved about 3 days later, applied on line, really simple process

Original poster
mnahmnah · 04/04/2020 15:26

Anyone with NatWest?

OP posts:
moleeye · 04/04/2020 15:37

Halifax did it online on the Thursday

Approved and letter in the post receive by the Tuesday

Chattercino · 04/04/2020 15:37

I've got a couple of questions, if anyone can help.

  1. Do you need to provide proof of loss of earnings?
  2. Does the extra repayments get tagged on to the end of the fixed term I.e two year fixed, or at the end of the 25year mortgage, for example ?
SheSaidNoFuckThat · 04/04/2020 15:41

I'm not with NatWest but have had mine approved, only thing is they couldn't start it for the month you're in, so it may not kick in until May for you (I did mine end of March and had made March payment)

twinnywinny14 · 04/04/2020 15:42

I did it last weekend online with NatWest and they replied on Monday eve. Check your junk email as mine went in there and only found it on Thursday by accident!

SheSaidNoFuckThat · 04/04/2020 15:43

I just had to say that I had been financially impacted by the current situation. Payments will be recalculated at the end of the 3 months so monthly payments will increase. Also interest is charged as normal for these 3 months

ShellsAndSunrises · 04/04/2020 15:43

only thing is they couldn't start it for the month you're in, so it may not kick in until May for you

Barclays sent us an email that suggests this is the case for them, too - you have to pay the next due payment, and then it kicks in the next month if it's approved.

MaddieElla · 04/04/2020 15:47

Halifax online, had the text to say it was approved the very next day. Then a letter a few days later which said April DD would go out (it has) and the break would start in May. Next payment due August which sounds a lifetime away at the moment Sad

Banks won’t want proof. If you’re not in arrears it will be approved.

maddy68 · 04/04/2020 15:48

Speak to your financial advisor first as you could be worse off long term. See if a mortgage holiday is the best option

SheSaidNoFuckThat · 04/04/2020 15:52

It's not dependent on arrears, you can still have the 3 month holiday if you have arrears, it will just continue to be listed on credit file and you would continue to repay after

Original poster
mnahmnah · 04/04/2020 15:54

@twinnywinny14

That’s great! Thanks

The small print on it said if your payment is due in 7 days, they can’t guarantee that it will be missed. But anytime after that they can. Mine usually gets taken on the 18th so we should miss this month’s hopefully

OP posts:
twinnywinny14 · 04/04/2020 16:48

Yes in the email it’s said which date it is effective from and also how much the payments will be after that. We still have 15yr left on ours so it will be about £14 a month more than we were paying

twinnywinny14 · 04/04/2020 16:49

Sorry @mnahmnah I’ve remembered that I applied on Wednesday and the email came through on Monday, so 5days inc the weekend x

twinnywinny14 · 04/04/2020 16:49

Sorry @mnahmnah I’ve remembered that I applied on Wednesday and the email came through on Monday, so 5days inc the weekend x

Original poster
mnahmnah · 04/04/2020 16:50

@twinnywinny14

Super useful thanks. I did have a moment of hesitation thinking how much extra it would be a month. That is reassuring

OP posts:
twinnywinny14 · 04/04/2020 17:32

@mnahmnah multiply your mortgage payment that by 3 (for the months holiday) and divide by how many yrs you have left to pay, then by 12 and that’ll be a rough amount of how much more it will be for you, ours worked out at £11 and it ended up being £14 I guess with the interest x

moleeye · 04/04/2020 18:00

@Chattercino

No- proof of earnings not required

The term of the mortgage, so 25 years

Chattercino · 04/04/2020 18:14

Thanks @moleeye.

We are both salaried and currently still being paid but my DH's industry is impacted so he thinks it's only a matter of time. Should we take the break anyway and use it as an opportunity to put a bit of extra money aside? Or is that a silly idea?