Mortgage Payment Holidays

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  • #1233

    Good afternoon,

    We are looking to hear stories from people who are having issues from their ‘lenders’ (forgive the inverted commas) in obtaining mortgage holidays. Have you applied for a mortgage holiday? Who is your lender? What did they say?
    This is our special public COVID-19 forum and we are here to answer your queries and obtain information to help mortgage prisoners suffering this extended plight!

    AvatarTara Peedle

    I am here well done on all your work on this. I have not taken a payment holiday but can sympathise with everyone that are having issues.


    I am same as you Tara, no need for mortgage holiday as I am still receiving an income. However, paying 4.39% on my mortgage every month when rates are 0.01 really is both difficult and immoral! How this can ever be justified I don’t know. Many more mortgage prisoners to come too, IMO. Banks already increasing cost of new loans and job losses en masse will make people ineligible for re-mortgages. The default is the huge SVRs that were introduced to increase profits for banks – including Govt-owned bank UKAR- during the last financial crisis. Landmark (AKA Cerberus); Whistletree (AKA TSB); MAS (AKA Coop) making a killing in times of crisis…


    I’ve had to take a holiday as have lost main income, not ideal but unfortunately a case of having to. With the rate reduction this will help cover the extra but still paying over 4% interest which obviously is galling and in my opinion unfair. Vulture funds should not be allowed to own peoples homes, they are not mortgage lenders therefore should not be allowed to own loans on people’s homes, it’s an absolute outrage!!


    Ive taken a payment holiday for 3months but now wondering weather to try and make the payments . Im concerned its going to have long term effects on us and already have suffered with wrong credit files marks . Just dont know what to do .

    AvatarAnn Jennings

    The problem is that whilst people are being given this option to help them through this difficult period as per the Government’s recommendations, they are still left with the stress and anxiety of doing so. This is the exact opposite of what it is meant to achieve and this makes me so cross! I guess problem is we are already on ridiculous SVRs and we know that, once we return to ‘normal’, the monthly mortgage payment will be even higher than it was. I am so lucky I am a teacher; our salary is untouched but I did need to take a payment holiday at the beginning of the year to pay for a new boiler (I know- sad when you can’t even afford a new boiler isn’t it?) Anyway, I had to fight for it – no-one even mentioned the adverse effect on my credit rating and my mortgage went up by just under £100 per month. It feels like a ‘lose – lose’ situation and yet many will have no choice but to have to take this option…..

    AvatarCazzy Mol

    The fact that the banks will make a tidy profit in the long run from the millions who take the payment holiday is disgusting. I just hope that only those people who really need to, take it, and that people don’t naively take it without considering the potential consequence.
    The sad truth is, that most #ukmortgageprisoners @mortgageprison will need to make use of this payment holiday because they have not had an opportunity to build up sufficient back-up savings for a rainy day or (pandemic crisis) BECAUSE the government sold them down the river to vultures like Cerberus Capital Management and other non-UK entities who sit outside of our UK regulatory system. They saw profit potential and are motivated ONLY BY FINANCIAL GAIN and do not consider themselves responsible for the harm to both physical and mental health of those #ukmortgageprisoners left behind.

    Questions of the UK government still unanswered, with John Glen in particular failing to even acknowledge the issue of key workers who happen to be #ukmortgageprisoners during the Covid-19 crisis.

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