Those who took mortgage holidays - are you extending yours ?

[Rebelwithallthecause]

Now the government have arranged for lenders to increase the mortgage holidays for by another 3 months will you be extending yours?

I would be astonished if it didn't affect your credit rating x

How long does a blur last on a credit rating? Is it six years? What happens after that ,can it be removed?
I’d imagine millions of people asked for a break, at the end of the day I needed it.

It was said it wouldn’t go on your credit rating. However subsequently it’s been in the news etc that there are other ways that it can be seen as to whether or not you took a break. This could then affect you getting credit / favourable rates etc. Please someone correct me if I’ve misunderstood.

It will NOT impact your credit rating, in relation to missed payments.

However, many lenders are asking if you have or are on a payment holiday. This does not make it a straight no, but your case will be looked at more closely.

Lots of people saw it as a way of saving some money when they didn't even need it, and it is now biting them in the a**.

Conversely, it saved a lot of people entering into arrears.

Thanks @fromdownwest that makes sense with how I’ve understood it too. Ultimately I don’t regret taking the holiday as we’ve needed it, but it is a shame that it’s not quite as straightforward as it originally seemed. Still I’m hoping if we ride this out ok to overpay to demonstrate a better grip on the finances. I’m also hoping to save for a more robust emergency fund, but we need to get through this immediate crisis first.