Mortgage

dianedanher

I’ve had a 6 month payment holiday with Santander and they are telling me I can’t have another month as I’ve had the maximum which takes me to 30th September.  I’ve read on money saving expert that payment holidays go to 31st October? Where does it state that you can only have a maximum of 6 months. If it can’t pay now as my husband has been made redundant due to Covid it will have an impact for 6 years.  Surly this will effect thousands of people and their credit file going forward?

bradders1983

You cant expect lenders to keep doing it for ever and ever, sadly. 

[Deleted User]

It's just a reflection of how you manage your finances and credit commitments. It's nothing personal.

Jeremy535897

dianedanher said:

I’ve had a 6 month payment holiday with Santander and they are telling me I can’t have another month as I’ve had the maximum which takes me to 30th September.  I’ve read on money saving expert that payment holidays go to 31st October? Where does it state that you can only have a maximum of 6 months. If it can’t pay now as my husband has been made redundant due to Covid it will have an impact for 6 years.  Surly this will effect thousands of people and their credit file going forward?

Mortgage lenders were asked to grant mortgage breaks of 3 months, and then were asked to grant mortgage breaks of a further three months, for those that needed them. For the second break, you had to show the payment issue was related to coronavirus. The latest date to apply for the breaks is 31 October, but the maximum the lender is obliged to consider is six months. The article you refer to says:
"If you’re (sic) finances have been affected by coronavirus, but you’ve not yet taken out a mortgage payment holiday and want to, the deadline for applying for one has been extended to 31 October. At first, you will be given a payment holiday of up to three months, but if you’re still experiencing payment difficulties at the end of this period, you might be able to get it extended by up to three months."

You should post on the Debt Free Wannabee board. Has the redundancy money all gone?

Grumpy_chap

Is the OP claiming nJSA and/or UC?

Thrugelmir

dianedanher said:

Surly this will effect thousands of people and their credit file going forward?

That's the whole purpose of credit history. To enable companies granting finance of any kind to make an informed commercial decision. Thousands of people may well have difficult decisions to make depending on their own personal financial circumstances. 

mobilejo

dianedanher said:

Surly this will effect thousands of people and their credit file going forward?

Yes, and?

Why shouldn't lenders be able to see whether you have had difficulty managing repayments? That is literally what the system is there for.

This 6 month payment break is more than other people who have been made redundant at other times have gotten from their lenders. Its not as if those being made redundant at the moment are somehow 'less at fault' than those who have experienced it in other times. Thinking you're entitled to 7+ months is a bit ridiculous.

ElizabethRose

I'd suggest going over to the debt free wannabe board to look at your finances.

The banks can't just continue these holidays and steps should have been taken by borrowers to prepare for the end. Are you entitled to any benefits? Have you looked for other work even if it's not in your normal field it can help to pay the mortgage. 

mattyprice4004

Over the winter will be crunch time for many people, as above they can’t bankroll everyone forever and lenders need to let customers get back on their own two feet at some point. 

If you can’t afford it speak to your lender and see if you can go interest only for a while - but any late payments etc will rightly be reflected in your record as regardless of reason you still had financial issues that will affect if lenders want to deal with you in future. 

It’s going to be a tough winter for lots of us

Tammykitty

mobilejo said:

dianedanher said:

Surly this will effect thousands of people and their credit file going forward?

Yes, and?

Why shouldn't lenders be able to see whether you have had difficulty managing repayments? That is literally what the system is there for.

This 6 month payment break is more than other people who have been made redundant at other times have gotten from their lenders. Its not as if those being made redundant at the moment are somehow 'less at fault' than those who have experienced it in other times. Thinking you're entitled to 7+ months is a bit ridiculous.

This is different though than normally being made redundant but I do agree that banks can't be expected to fund it forever.

Not everyone has been made be redundant - some are not receiving any income as self employed and no work (Musicians etc)
Also - the whole economy is (Well was and probably will be again) so its not possible to get 2nd jobs. Some are on furlough, so have much less money coming in (and not necessarily offset in commuting costs)