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Mortgage holidays until Coronavirus is no longer a threat?

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Mortgage holidays until Coronavirus is no longer a threat?

36 replies 1.9K views
I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?
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Replies

  • ThrugelmirThrugelmir Forumite
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    Why are things going to get really tough for everyone with a mortgage. Equally LL's should allow their tenants rent free periods when they are required to self isolate. 
    “An investor who has all the answers doesn’t even understand all the questions.” - John Templeton
  • SailtheworldSailtheworld Forumite
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    I'd be triathlon said:
    I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?
    Might be a life lesson for those who say things like 'the government and banks are out of ammunition' as they rub their hands with glee. Plus HPC would detonate. Both good reasons for this proposal.
  • Concerned75Concerned75 Forumite
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    If you're going to have a payment break from mortgages and home rent, then what about a break from business rent too, especially the self-employed. All angles will have the potential hit with this virus. Give one give all. 
  • triathlontriathlon Forumite
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    If you're going to have a payment break from mortgages and home rent, then what about a break from business rent too, especially the self-employed. All angles will have the potential hit with this virus. Give one give all. 
    Agreed
  • movilogomovilogo Forumite
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    Employers may want to take a break from paying salaries to staff, citing business revenue down.
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
  • SpiderLegsSpiderLegs Forumite
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    This sounds great. 
    No work and everything is free.
    hang on I think I can feel the sniffles coming on already.


  • silvertoothsilvertooth Forumite
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    All this is actually happening in China right now

    oeople haven’t been going to work for months now, they haven’t been getting paid and they haven’t been paying their rents and mortgages 

    LLs haven’t been paying their mortgages and the interest and charges are building up and up

    going to be a hell of a lot of repossessions by whoever takes over the collapsing banking systems 


    going to be one hell of a mess when this spreads to the rest of the world
  • PasturesNewPasturesNew Forumite
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    Traditionally, one'd take out, or at least investigate/consider taking out, a death/illness insurance policy to cover mortgage payments.  Back then people were more thoughtful of such things because the old Dole/Mortgage payments used to not kick in for 9 months.  It was reduced during the 07/08 crisis to its current 3 months or so. 

    It'd be unfortunate if one were to miss a mortgage payment due to the current climate, but it shouldn't be somebody else's responsibility all the time to go round 4rse-wiping. 
  • John_John_ Forumite
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    triathlon said:
    I am sure there is going to be a lot of financial distress for a great many people this year, how about a mortgage holiday this year for when things start getting really tough?
    How about Tesco give you free food, too, and Sky throw in some premium packages?

    Onnthe flip side, airlines are struggling, so maybe everyone should be forced to pay up for the empty seats, then not use them, or just set up a direct debit to the airline to help them through.
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