Mortgage holidays

chris0000000000001

My mortgage holiday is coming to an end. At present I am very worried I might lose me job in the future. I am currently able to afford my mortgage. But I am worried for the future. I have very little saving to back me up if it lose my jobs. I found out today that I could extend my mortgage holiday for another 3 mouths. Should I do this to build up more of a saving pot to by me more time. If the worst happened and I lost my job? Or will this be more damage to me in the long term? Any advice would be very wellcome? 

sharpe106

If you don't lose your job then in the long term do more damage then good, if you do loose your job the the 3 months extra savings might help. Although I thought the idea of the holiday was only for people that had already been effected no might be, as surely everybody would fall under that category. 

chris0000000000001

I was effected as I was me and my wife was  furloughed and alway working on a budget.  I was thinking I might extend the holiday until this time of uncertainty has passed. keep the money aside for unforeseeable problems. Even for example if we because sick with the virus non of us get paid. Thats a mouth income. A Safety net. Definitely need to start putting more money away.  Could anyone shed light on what the damage it might do. As it should effected my credit score should it ? 

chris0000000000001

Thank you for your reply 

[Deleted User]

chris0000000000001 said:

Could anyone shed light on what the damage it might do. As it should effected my credit score should it ? 

https://www.moneysavingexpert.com/news/2020/05/homeowners-set-to-be-able-to-extend-mortgage-payment-holidays/

dunstonh

Whilst authorised arrears will not show as a default or arrears on your report, future lenders will be able to see that you missed x months.  The FCA has confirmed that lenders are free to use the data as they see fit in making lending decisions.      My mortgage advisers have already told me that the lenders are already asking about mortgage holidays on new applications.    They haven't had someone on a holiday yet apply for a mortgage. So, we dont know what the impact will be.   Just that they are already asking and checking on new applications.