Mortgage holidays until Coronavirus is no longer a threat?

triathlon

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?

Thrugelmir

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. 

Sailtheworld

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.

Concerned75

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. 

triathlon

Concerned75 said:

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

movilogo

Employers may want to take a break from paying salaries to staff, citing business revenue down.

SpiderLegs

This sounds great. 

No work and everything is free.
hang on I think I can feel the sniffles coming on already.

parking_question_chap

SpiderLegs said:

This sounds great. 

No work and everything is free.
hang on I think I can feel the sniffles coming on already.

Sounds like a Labour manifesto.

silvertooth

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

PasturesNew

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_

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.