Reduced Hours - Mortgage Holiday?

Silverum

We heard today that my husband will need to take a pay cut for March, April and May which will leave us about £650 worse off a month.  We have to consider that this could get extended too I guess.
We were thinking of asking for the 3 month mortgage holiday - our mortgage is £1500 - I’m tempted to ask for the three months to cover us for anything happening of a similar nature to my job (likely) and also for any extensions to this.
Would this be acceptable or would Virgin Money say only a two month holiday to cover the amount we are down by? 

I tried calling but they are just asking you to email them to say you want the mortgage holiday due to Corona Virus or to hold to speak to a person but I had to get back to work so couldn’t wait on hold.
just wondering if the 3 months would be given regardless of the amount of salary drop.  

Thanks 

anonymous12124

Basically it's best to avoid payment holidays if you can because they will still charge interest. There's a special place in hell for bankers... anyway. Ask for for what you like but it seems like they'll want proof before granting any holiday.

See the material from the website.

If you have a fully flexible or an everyday mortgage with Virgin Money, you may apply for a one-month payment holiday for every nine consecutive full monthly payments you make.

The maximum payment holiday period is three months, which can be applied for once you have made 27 consecutive full monthly payments.

Interest will continue to be charged during a payment holiday. Taking a payment holiday will also increase the outstanding balance upon which future loan Interest charges are calculated.

When deciding if we will allow a payment holiday, we will assess your ability to repay the revised total mortgage balance and the associated monthly payments, based on your individual circumstances at the time. This will include an affordability assessment, which may require income verification. All payment holidays are subject to Virgin Money's prior agreement.

amnblog

They should just do it for you.
The three month holiday is just like adding £4,500 to your lending, you can over pay later when you can afford to and redress the balance.

dimbo61

How long have you had the mortgage ?
Loan to value and other factors may infulence the lenders decision 

Thrugelmir

dimbo61 said:

How long have you had the mortgage ?
Loan to value and other factors may infulence the lenders decision 

There will be forbearance. Normal rules won't be applied. The aim will be to manage people through the period of difficulty. 
Lenders can of course cover any potential risk to themselves by increasing the interest rates on new borrowing and product renewals. The burden will be shared.