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If you have a mortgage and will struggle to make the repayments ........

Covered End
Covered End Posts: 52,008
edited March 2020 in Not Sports Related
Many lenders are now offering repayment holidays.
Even if they are not advertising this I would suggest contacting them in any case.
They may be able to extend the term or who knows what.
Always contact them asap, do not miss a payment, because it is usually then too late !
Best wishes to anyone expecting difficulties.

PS It may also be worth contacting anyone that you need to pay money to, in order to try and reduce your monthly outgoings.
But once again do it asap, do not wait until you have missed a payment.
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Comments

  • Covered End
    Covered End Posts: 52,008
    Bump.
    I'm reading very many stories on here about upcoming financial hardship.
    Can I urge anyone who think they will be struggling financially, to look at all their outgoings and see if they can get them cancelled if not essential, reduced or temporarily suspended.
    Best wishes to all.
  • Off_it
    Off_it Posts: 28,848
    Nice one mate. Completely agree with what you're saying.

    If it's on offer then take it while you can.

    Good luck everyone.
  • se9addick
    se9addick Posts: 32,037
    Covered End said:
    Bump.
    I'm reading very many stories on here about upcoming financial hardship.
    Can I urge anyone who think they will be struggling financially, to look at all their outgoings and see if they can get them cancelled if not essential, reduced or temporarily suspended.
    Best wishes to all.
    Not really Corona related, but if you’re an idiot like me it’s worth doing a purge of your standing orders and direct debits every now and then. I did for the first time recently and lots of silly subscriptions for small amounts for things that I had long stopped bothering with, taken together they came to about £100 a month after I cancelled them.
  • Chris_from_Sidcup
    Chris_from_Sidcup Posts: 36,015
    se9addick said:
    Covered End said:
    Bump.
    I'm reading very many stories on here about upcoming financial hardship.
    Can I urge anyone who think they will be struggling financially, to look at all their outgoings and see if they can get them cancelled if not essential, reduced or temporarily suspended.
    Best wishes to all.
    Not really Corona related, but if you’re an idiot like me it’s worth doing a purge of your standing orders and direct debits every now and then. I did for the first time recently and lots of silly subscriptions for small amounts for things that I had long stopped bothering with, taken together they came to about £100 a month after I cancelled them.
    If you haven't already then you might as well cancel Sky sports too
  • Covered End
    Covered End Posts: 52,008
    I'll give this a bump by saying that my Sky Sports comes as part of a Virgin Media package/bundle.
    Has anyone managed to cancel that/get a reduction ?
  • carly burn
    carly burn Posts: 19,459
    Covered End said:
    I'll give this a bump by saying that my Sky Sports comes as part of a Virgin Media package/bundle.
    Has anyone managed to cancel that/get a reduction ?
     Yes. Ditched sky sports on virgin yesterday. At first they offered me a tenner off my bill Told them I wasn't happy with that. They put me through to retentions. After a bit of jiggling and discounts I'm almost £50 better off p.m
  • ValleyGary
    ValleyGary Posts: 37,981
    I presume companies like Your Move etc won’t know about deferring rent payments until the government come up with a freeze?
  • Rothko
    Rothko Posts: 18,807
    ValleyGary said:
    I presume companies like Your Move etc won’t know about deferring rent payments until the government come up with a freeze?
    Rent payments are likely to be part of the Chancellors announcement at 4.30 
  • Lincsaddick
    Lincsaddick Posts: 32,350
    Rothko said:
    ValleyGary said:
    I presume companies like Your Move etc won’t know about deferring rent payments until the government come up with a freeze?
    Rent payments are likely to be part of the Chancellors announcement at 4.30 
    I suspect that the cash allocated to the white elephant (a k a HS2) will be rerouted to help those who are under the cosh with their income/business losses  … if not it should be .. the problem is of course that every thieving conperson in the country will be plotting to get their grubby hands (unless they are 'happy birthdaying' with soap n water) on some illegally gained govt free cash
  • golfaddick
    golfaddick Posts: 33,628
    carly burn said:
    Covered End said:
    I'll give this a bump by saying that my Sky Sports comes as part of a Virgin Media package/bundle.
    Has anyone managed to cancel that/get a reduction ?
     Yes. Ditched sky sports on virgin yesterday. At first they offered me a tenner off my bill Told them I wasn't happy with that. They put me through to retentions. After a bit of jiggling and discounts I'm almost £50 better off p.m
    Why cancel, they're still showing old repeats. I'm waiting to self isolate so I can have Sky Sports on all day & watch repeats of the play-off final, Stokes beating the Aussies & various Ryder Cup wins.

    Magic.
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  • eaststandmike
    eaststandmike Posts: 14,956
    Thanks for this Covered End, do you know if landlords will be doing the same for high rental properties?

    Take care

    Matt S
  • hoof_it_up_to_benty
    hoof_it_up_to_benty Posts: 22,450
    eaststandmike said:
    Thanks for this Covered End, do you know if landlords will be doing the same for high rental properties?

    Take care

    Matt S
    Have you lost your job?
  • carly burn
    carly burn Posts: 19,459
    Chancellor just announced 3month mortgage payment holiday for those affected by Corona virus
  • ValleyGary
    ValleyGary Posts: 37,981
    so potentially I can speak to my landlord and ask them for a mortgage holiday so they then don’t charge me rent? I’m directly effected by the virus, won’t be earning anywhere near as much, so rent payments will be a problem for me.
  • Glovepup
    Glovepup Posts: 1,744

  • hoof_it_up_to_benty
    hoof_it_up_to_benty Posts: 22,450
    ValleyGary said:
    so potentially I can speak to my landlord and ask them for a mortgage holiday so they then don’t charge me rent? I’m directly effected by the virus, won’t be earning anywhere near as much, so rent payments will be a problem for me.
    Not aware of any announcement re rents - presumably may be announced in following days. 

    I imagine rents may be delayed and evictions etc may have legislation changed. 
  • golfaddick
    golfaddick Posts: 33,628
    The Chancellor doesn't oversea private landlords, he does overseas the banks though. What private landlords do is up to them. Some rely on the rental income for their pension & would themselves be hit if they didnt receive any income for 3 months........

    (Poor loves & another reason why "property income" isn't the pot of gold at the end of the rainbow that a lot of people think it is)
  • MartinCAFC
    MartinCAFC Posts: 3,219
    golfaddick said:
    The Chancellor doesn't oversea private landlords, he does overseas the banks though. What private landlords do is up to them. Some rely on the rental income for their pension & would themselves be hit if they didnt receive any income for 3 months........

    (Poor loves & another reason why "property income" isn't the pot of gold at the end of the rainbow that a lot of people think it is)
    Good point but hopefully they can do something about those who rent through Housing Associations.
  • Callumcafc
    Callumcafc Posts: 63,766
    edited March 2020
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
  • hoof_it_up_to_benty
    hoof_it_up_to_benty Posts: 22,450
    Callumcafc said:
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
    I don't think that's how it works.
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  • hoof_it_up_to_benty
    hoof_it_up_to_benty Posts: 22,450
    golfaddick said:
    The Chancellor doesn't oversea private landlords, he does overseas the banks though. What private landlords do is up to them. Some rely on the rental income for their pension & would themselves be hit if they didnt receive any income for 3 months........

    (Poor loves & another reason why "property income" isn't the pot of gold at the end of the rainbow that a lot of people think it is)
    Bit like stocks and shares. 
  • golfaddick
    golfaddick Posts: 33,628
    Callumcafc said:
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
    I agree. I was listening to Martin Lewis  yesterday lunchtime on 5Live & he says that in uncertain times you sometimes have to do things for the greater good. Said that because he was financially comfortable that he would not ask for refunds on tickets if a theatre had to close. Unfortunately not everyone is in that position, but if a landlord has a mortgaged BTL & gets a 3 month payment holiday then he should be offering the same to his tenant.
  • cafcfan1990
    cafcfan1990 Posts: 12,811
    hoof_it_up_to_benty said:
    Callumcafc said:
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
    I don't think that's how it works.
    It’s how it could work though. IF a landlord is paying a mortgage on a property it wouldn’t hurt them to take the mortgage holiday and pass that onto the tenant. 

    That’s heavily reliant on the good nature of landlords and incredibly difficult to manage. I suspect little will be done to help those renting off private landlords but there should be assistance for those renting from Housing Associations. 
  • hoof_it_up_to_benty
    hoof_it_up_to_benty Posts: 22,450
    golfaddick said:
    Callumcafc said:
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
    I agree. I was listening to Martin Lewis  yesterday lunchtime on 5Live & he says that in uncertain times you sometimes have to do things for the greater good. Said that because he was financially comfortable that he would not ask for refunds on tickets if a theatre had to close. Unfortunately not everyone is in that position, but if a landlord has a mortgaged BTL & gets a 3 month payment holiday then he should be offering the same to his tenant.
    Why would the landlord get a three month holiday? The mortgage is unlikely to be the same as the rent.
  • cafcfan1990
    cafcfan1990 Posts: 12,811
    hoof_it_up_to_benty said:
    golfaddick said:
    Callumcafc said:
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
    I agree. I was listening to Martin Lewis  yesterday lunchtime on 5Live & he says that in uncertain times you sometimes have to do things for the greater good. Said that because he was financially comfortable that he would not ask for refunds on tickets if a theatre had to close. Unfortunately not everyone is in that position, but if a landlord has a mortgaged BTL & gets a 3 month payment holiday then he should be offering the same to his tenant.
    Why would the landlord get a three month holiday? The mortgage is unlikely to be the same as the rent.
    No but a lot of private landlords will be paying a mortgage and renting the house out. If they get a mortgage holiday there is no reliance on the rent (or worst case charge the difference if the rent is greater than the mortgage). 
  • Addickted
    Addickted Posts: 19,456
    I doubt very much that buy to let mortgages will be offered this payment holiday and quite rightly so.
  • hoof_it_up_to_benty
    hoof_it_up_to_benty Posts: 22,450
    cafcfan1990 said:
    hoof_it_up_to_benty said:
    golfaddick said:
    Callumcafc said:
    I’m sorry but if a landlord takes a three month mortgage holiday, but still chooses to charge rent...  that is despicable.
    I agree. I was listening to Martin Lewis  yesterday lunchtime on 5Live & he says that in uncertain times you sometimes have to do things for the greater good. Said that because he was financially comfortable that he would not ask for refunds on tickets if a theatre had to close. Unfortunately not everyone is in that position, but if a landlord has a mortgaged BTL & gets a 3 month payment holiday then he should be offering the same to his tenant.
    Why would the landlord get a three month holiday? The mortgage is unlikely to be the same as the rent.
    No but a lot of private landlords will be paying a mortgage and renting the house out. If they get a mortgage holiday there is no reliance on the rent (or worst case charge the difference if the rent is greater than the mortgage). 
    I don't see how this scheme would work if the tenant is one step removed fron the mortgage lender - curious how mortgage lenders would support this?

    I imagine the Government must have something in mind as so many are affected...

  • Charltonparklane
    Charltonparklane Posts: 5,786
    To get a 3 month mortgage holiday would you have to prove your in a worse position because of the virus?
  • RaplhMilne
    RaplhMilne Posts: 4,601
    Be plenty just fancy having a spend up, if they can get 3 months mortgage free. So I assume evidence of hardship will be required. 
  • Oggy Red
    Oggy Red Posts: 44,955
    Mortgage payment holidays are never 'free'.

    Normally the amount of the missed payments will be added on to the sum outstanding and accrue further interest.

    Which means afterwards your monthly mortgage payments will increase - or, in some cases, your mortgage period will be extended.


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