Mortgage holiday effecting credit history

bhaisab

Hello forum,

I am in process of buying my next house.

My mortgage for the house has been approved and we are waiting for searches and our sellers to sort our their mortgage.

I also have a commercial property, a restaurant which is currently closed so not receiving any rent.
So I have requested mortgage holiday and have been paying the interest only.

Will there be any credit checks before exchange/completion or have they been done when applying for mortgage.
Just been reading MSE weekly letter and noticed it says that the taking a mortgage holiday MAY effect credit rating

Thrugelmir

Is the mortgage holiday on your residential or commercial property? 

bhaisab

Mortgage holiday is on the commercial property

Thrugelmir

Unless the lack of the rental income is detrimental to the overall affordabilty assessment then shouldn't be an issue. Which if it is, you should have notified the lender of in any event. 

RoyC83

@bhaisab
Just out of interest, how did the above progress? Did you go ahead with the payment holiday? Did it cause any issues with the mortgage?

I am in a similar scenario of sorts and was intrigued to know if all continued smoothly.