Advice on Mortgage Holidays and other useful tips

Chamber Member Nick Lofthouse sent out the following advice, from Mortgage holidays via freezing food to keeping the Kids busy.

See the links below.

Nick

Covid-19 : advice and links

 

These are unprecedented and  uncertain times so I want to share with you a series of links and some advice I hope will be helpful for you both in managing the uncertainty and knowing where to go for some answers on how to manage financially at this time.

Please be aware that there are mortgage payment holidays available for many mortgage customers impacted by COVID-19, but the details vary by lender. **To be sure if you can be considered and under what terms, please contact your lender directly, email me if I organised your mortgage or check your lenders website** 

For many a payment holiday will apply if you are up to date on payments, not in arrears and can prove that you’ve been affected – directly or indirectly – by Coronavirus. For BTL mortgages, a payment holiday will apply if you are up to date on payments, not in arrears and can prove your tenant is having difficulty in paying their rent due to Coronavirus. You should also be aware that the interest will accrue during the holiday period, up to three months, and you’ll need to make up deferred payments in the future. It will not affect your credit rating.  Consider whether you need this and when the right time is to call.

The base rate has now been cut to 0.1% making mortgages much more affordable for anyone on a variable rate.

If you need clarification or would like to discuss your personal circumstances, please email or call me and I will do my best to assist you. I am not stopping 1-2-1 meetings, but instead will be running them via Zoom.

 

Regards,

Nick Lofthouse & Associates Ltd
T :01707 326123      M: 07918 881040
E: nick@nlanda.co.uk

 

 

 USEFUL LINKS

 

Information on Mortgage Holidays Summary of information from The Guardian and the lender by lender table in Money Saving Expert

Will I be paid if I am home with my children?  It depends on your contract essentially.

Can I get my credit card limit increased? Money Saving Expert have details on individual lenders responses (but remember you still have to pay the money back!)

Will I get a refund on cancelled events? Generally speaking, if you bought your ticket for a cancelled event from an official seller, you should be entitled to a refund, often automatically. However, additional costs, such as postage and booking fees, are unlikely to be reimbursed.

What are my travel rights?  In general, insurers and airlines take their cue from official UK foreign travel advice. If you go against it, you risk invalidating your insurance policy. You may also need to check policy small print.

Interest Rate all-time low. The government has cut interest rates to 0.1% – more on this from The Guardian

Freezing food to reduce waste Helpful video from M&S on what you can and cannot freeze.

Daily PE lessons with The Body Coach  Not financial I know, but useful for anyone with kids and looking to help them burn energy every day!

 

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