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Loan Payment Holiday
NYClaire
Posts: 41 Forumite
We are eligible to take a payment holiday on our loan with our bank. My question is if we take this does this show up on your credit file and would it affect a mortgage application in the new year? Tia!
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Comments
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Yes it would be reported. Though is classified as authorised arrears. Likewise your mortgage balance will be increasing rather decreasing. As interest charged accumulates.
From a future application viewpoint. A lender may be concerned that your finances are somewhat stretched.
Is taking a payment holiday a neccessity, i.e. no savings?0 -
It’s not on our mortgage but just a bank loan. I thought this would be the case. Does it show up as a missed payment?0
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If you are having trouble paying this loan how can you afford a much larger one, ega mortgage?0
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Thank you for your reply but we don’t have trouble paying and have more than enough to move but as it was given as an option I just wondered with Christmas etc coming up. I didn’t post to have my finances scrutinised. I have the answer I was looking for.0
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