Mortgage Holiday - Effecting Credit Rating

SuePP

Does anyone know if the chancellor is looking to extend the Mortgage Holiday - Credit Rating, so it does not effect your overall credit rating as it looks like we are going to unfortunately have to ask for a further Mortgage holiday if we have no good news in the next couple of weeks? thanks in advance

unholyangel

I'm not overly familiar with the mortgage holiday support but a quick search implies it's capped at 6 months. 

If you have already had the 6 months, you may not be able to get another. I would advise speaking to your lender now, to discuss what options (if any) are available to you. Just because the mandated support might have reached its limit, it doesn't mean the lender can't still offer something over and above those limits. 

spiro

Whilst it doesn't impact your credit rating directly I have seen post suggesting lenders are still checking it you have taken a holiday so there may be an indirect impact.

Thrugelmir

What's your concern?  A holiday request suggests that finances are tight. 

[Deleted User]

It'll be clear to lenders that you've not been making payments and the absence of a missed payment marker will tell them it's a Covid mortgage holiday.

It's up to them how they factor that in. You have no single credit rating.

Only do it if essential.

mattyprice4004

As above, it won't affect your 'score' - but a lot of lenders will look dimly on anyone that's had a break.