The Chancellor's recent announcement of a three-month mortgage holiday came as welcome news to millions of homeowners experiencing financial difficulties due to COVID-19.
Both homeowners and landlords can now apply to their lender for a payment holiday if they are struggling financially.
How does it work?
Homeowners should apply directly to their lender. You will have to self-certify that your income has been affected - no documentation is required. Your lender should not charge a fee to process your application.
Taking a payment holiday will not reduce the capital you still owe, however, nor will interest stop accruing. This means it will take slightly longer and cost more to clear your debt once payments resume.
Your home may be repossessed if you do not keep up repayments on your mortgage
We can help you!
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.