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    • NYClaire
    • By NYClaire 9th Nov 18, 7:10 PM
    • 16Posts
    • 2Thanks
    NYClaire
    Loan Payment Holiday
    • #1
    • 9th Nov 18, 7:10 PM
    Loan Payment Holiday 9th Nov 18 at 7:10 PM
    We are eligible to take a payment holiday on our loan with our bank. My question is if we take this does this show up on your credit file and would it affect a mortgage application in the new year? Tia!
Page 1
    • Thrugelmir
    • By Thrugelmir 9th Nov 18, 10:36 PM
    • 60,994 Posts
    • 54,194 Thanks
    Thrugelmir
    • #2
    • 9th Nov 18, 10:36 PM
    • #2
    • 9th Nov 18, 10:36 PM
    Yes it would be reported. Though is classified as authorised arrears. Likewise your mortgage balance will be increasing rather decreasing. As interest charged accumulates.

    From a future application viewpoint. A lender may be concerned that your finances are somewhat stretched.

    Is taking a payment holiday a neccessity, i.e. no savings?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • NYClaire
    • By NYClaire 10th Nov 18, 7:36 AM
    • 16 Posts
    • 2 Thanks
    NYClaire
    • #3
    • 10th Nov 18, 7:36 AM
    • #3
    • 10th Nov 18, 7:36 AM
    Itís not on our mortgage but just a bank loan. I thought this would be the case. Does it show up as a missed payment?
    • AnotherJoe
    • By AnotherJoe 10th Nov 18, 8:42 AM
    • 11,417 Posts
    • 13,179 Thanks
    AnotherJoe
    • #4
    • 10th Nov 18, 8:42 AM
    • #4
    • 10th Nov 18, 8:42 AM
    If you are having trouble paying this loan how can you afford a much larger one, ega mortgage?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • NYClaire
    • By NYClaire 10th Nov 18, 12:32 PM
    • 16 Posts
    • 2 Thanks
    NYClaire
    • #5
    • 10th Nov 18, 12:32 PM
    • #5
    • 10th Nov 18, 12:32 PM
    Thank you for your reply but we don’t have trouble paying and have more than enough to move but as it was given as an option I just wondered with Christmas etc coming up. I didn’t post to have my finances scrutinised. I have the answer I was looking for.
    • Thrugelmir
    • By Thrugelmir 10th Nov 18, 12:38 PM
    • 60,994 Posts
    • 54,194 Thanks
    Thrugelmir
    • #6
    • 10th Nov 18, 12:38 PM
    • #6
    • 10th Nov 18, 12:38 PM
    It’s not on our mortgage but just a bank loan. I thought this would be the case. Does it show up as a missed payment?
    Originally posted by NYClaire
    Same principles apply. The purpose of credit file information is to inform other lenders.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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