Mortgage Payment Freeze

Steamboat

It's not totally clear whether taking a mortgage/loan payment freeze due to Covid will impact later remortgage applications, it's been stated it wont show on credit scores but will be visable in other ways and can show an inability to keep up with payments. What are your thoughts on the impact of taking 3 months payment freeze (and possibly extending to 6 months if any different) if I am not due to remortgage for another 4 years?

MallyGirl

I will move this to the general COVID board (from Travel)

[Deleted User]

Avoid it if you can, do it if you must.

But it will have little impact specifically on your remortgage in four years if your account conduct improves over that time.

dunstonh

It's not totally clear whether taking a mortgage/loan payment freeze due to Covid will impact later remortgage applications

It is very clear. 
Lenders are allowed to take authorised arrears into account when making future lending decisions.  Indeed, they already are.

It doesnt mean you will be rejected.  However, it will be a negative drag on your application.    lending decisions are made up of things that have are pros and cons.  If you have too many negative drags/cons then you will get rejected.   If you stack up in other areas and this is your only negative and its a few years down the road, then it should not be an issue.

New borrowing and remortgaging are going to be affected.   Rate switches are not affected.