Mortgage Payment Holiday

Thrugelmir

Issuma wrote: »

but when I asked how much of an impact they said they couldn't tell me as the system doesn't have that facility ??

Then use a calculator. Divide the deferred amount by the number of remaining months on the mortgage term.

Lenders systems are designed to work on actual balances not scenarios.

Issuma

Thrugelmir, your final note is exactly my point, financial institutions work on actual figures not scenarios so do I where finances are concerned, I was merely asking them for a figure to work from not a guesstimate by me using a calculator then keeping my fingers crossed that I've worked it out right and won't get a shock when the letter arrives telling me what my new monthly repayment will be.

opinions4u

Halifax certainly used to be able to tell you exactly what the new payment would be after the payment holiday ended.

They also didn't report it negatively to the CRAs.

But my information is years out now.

getmore4less

if you add one payment to the amount owing and stick it in a mortgage calculator it will be very close(on the high side).

stick up the numbers.

Issuma

Yes the Halifax now use a different system which has taken away the function of them being able to recalculate your new payment after the payment holiday.

I've spoken to them again this morning and they were very helpful but even the girl I spoke to agreed it does seem odd because it's a question that every customer asks !!