Is a Mortgage Payment Holiday a good idea?

Rishi Sunak's announcement for a 3-month mortgage payment holiday, sounds great from a client perspective. Rightly so a few of the questions raised in this article by Jake Carter at Mortgage Introducer are crucial before we can provide advice:

- How is this reflected in a credit file?

- When asked if you've taken a payment holiday, how will this be viewed in the future?

- Will all lenders now offer this (if so, can they)?

- How is the cost of the payment holiday calculated and recalculated when payments return?

Before clients jump toward the payment holiday, we need to ensure we're all on the same page for each and every lender.

https://www.mortgageintroducer.com/do-lenders-treat-payment-holidays-the-same/