Applying for Loan after Payment Holiday

lumy

That's what I'm hoping - so in that case, if we pay off the missed payments, there can be no way they can tell there has been a holiday.

[Deleted User]

They'll be able to tell by the trend. 

5, 4, 3, 2, 1 looks very different to 5, 4, 4, 4, 1.

MinuteNoodles

sourcrates said:

But due to the above circumstances, banks are really tightening up their lending criteria, as no ones job can be described as 100% safe at present can it.

Speak for yourself. I do something that is in the top 5 most in demand jobs in the UK which already had a shortfall of over 50,000 before Covid even hit. Being a lorry driver the last thing you are concerned about is losing your job because as long as you've got 6 points or less you can literally walk out of one on Friday and be somewhere else by Tuesday/Wednesday the latest the following week and that's been the case for the 25 years I've been doing it. The pandemic and the seismic shift to online shopping has just made the demand even greater. Full autonomous driving which is a good 15-20 years away is the only thing that'll kill off demand.

lumy

zx81 - where is this trend you are referring to? On the credit report, it only shows Current Balance, and monthly terms. Where are they getting any other information from?

lumy

Does anybody know for a fact what the loan company can see and from where?

Grumpy_chap

They can see outstanding balance at the end of each month.

lumy

Is that definitely right? I ask, because I can see the outstanding balance and payment amount for credit cards each month as you say but not for the mortgage - that simply states "Up to date" when you mouseover each month

Grumpy_chap

If they use Open Banking.

lumy

Back to open banking :-) Do we know who uses and doesn't use it? Are mortgages on it? Are all bank accounts on it or only specific ones? My bank account is Lloyds and mortgage is barclays.

Grumpy_chap

https://www.moneysavingexpert.com/banking/open-banking/