You can get a three-month mortgage payment holiday. You can reduce or stop your payments for that time. Contact your lender, just telling them that you’re experiencing payment difficulties due to the current situation. There’s a fast track approval process. You will still have to pay any unpaid interest, but there are no additional fees or charge.
Whatever you do, don’t stop your direct debit or standing order. You MUST get your mortgage holiday agreed with your lender, making a formal arrangement, before changing anything. If you stop payments without such agreement, it will put you in arrears and affect your credit file.
More information available at:
www.moneysavingexpert.com
www.moneyadviceservice.org.uk
