At One 77 we have had a number of new and existing customers contact us regarding taking a payment holiday on their mortgage – as announced recently by the the Government in light of the ongoing Coronavirus outbreak.
We have seen from a number of cases in the industry that clients are actively discouraged to NOT cancelling their Direct Debits, as our understanding is that lenders are only tending to approve to those individuals who request the holiday in the correct fashion.
It seems that if Direct Debits are cancelled without the timing being correct, it could result in a missed payment and therefore incur a possible default charge. Secondly, as there are widespread reports of mortgage customers doing just this, there are likely to be significant delays and problems getting Direct Debits reinstated when the mortgage payment holiday period expires.
We would advise that all customers contact us to review their current mortgage product. At this point we will be able to determine when the best time will be for you to potentially take your mortgage payment holiday, or look at alternative options which may help instead – such as a newer more attractive remortgage deal.
In addition to looking after your mortgage requirements for the immediate and long term future, we can also provide you with advice and quotations for comprehensive protection cover to ensure that you and your family are sufficiently covered going forwards.
Call one of our expert advisers who are on hand to take your call on 01249 474950 or complete the form below to contact us.