Covid-19 – Which BTL Lenders Are Playing Ball?

by Mark Alexander

3:51 PM, 26th March 2020, 6 years ago 44

Categories:

Landlord News Property Investment Strategies

In my opinion, this short video is the most helpful for landlords so far in the Covid-19 crisis.

Comments from readers, in regards to their personal experiences, are very much necessary.

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Mark Alexander - Founder of Property118 Read Full Bio

Member Since January 2011 - Comments: 12212 - Articles: 1408

3:54 PM, 26th March 2020, About 6 years ago

I have not done anything yet in regards to contacting my lenders to request a payment holiday.

Do you think I should?

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craig rennolds

Member Since October 2018 - Comments: 2

4:13 PM, 26th March 2020, About 6 years ago

I have not been able to get in touch with Roscinca either through their website or by phone.

1 Report Comment Reply
Marty K

Member Since January 2019 - Comments: 4

4:15 PM, 26th March 2020, About 6 years ago

Reply to the comment left by craig rennolds at 26/03/2020 – 16:13
Interesting… we are customers and were about to test them on their policy

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SM

Member Since October 2017 - Comments: 41

4:24 PM, 26th March 2020, About 6 years ago

Hi, I’m looking for details regarding benefits, grants or loans that tenants can apply for if they have been laid off or put on zero/ reduced pay for the next few weeks. I can then give tenants advise as how they can help themselves.

1 Report Comment Reply
S Daye

Member Since September 2013 - Comments: 2

4:50 PM, 26th March 2020, About 6 years ago

Does anyone have any information on Northern Rock mortgages

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Roger P

Member Since April 2015 - Comments: 33

4:52 PM, 26th March 2020, About 6 years ago

Here is Vidas website info on holidays, but they’ve pulled all mortgages

Does a payment holiday apply to Buy to Let customers?
Yes. Please note the expectation is that the relief is passed on to the customers tenants.

What does a mortgage payment holiday mean?
As a result of COVID-19, Vida Homeloans will allow their customers an option to have a break from their monthly mortgage payment for an agreed period of time. The agreed period currently set out by the UK Government is three months.

The payment holiday means that the payment is deferred to a later date but it’s important to ensure our customer understands that they will still owe the outstanding balance and that interest will continue to accrue whilst the deferred payments remain unpaid.

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Monty Bodkin

Member Since June 2014 - Comments: 1564

5:17 PM, 26th March 2020, About 6 years ago

Reply to the comment left by Mark Alexander at 26/03/2020 – 15:54
“I have not done anything yet in regards to contacting my lenders to request a payment holiday.
Do you think I should?”

Not unless you’re hard up.
Effectively it just gets added to the capital owed.

2 Report Comment Reply
Mark Alexander - Founder of Property118 Read Full Bio

Member Since January 2011 - Comments: 12212 - Articles: 1408

5:38 PM, 26th March 2020, About 6 years ago

Reply to the comment left by Monty Bodkin at 26/03/2020 – 17:17
Is accruing interest a bad thing in the scheme of things?

No I’m not hard up but three months of mortgage interest in my bank account adds a buffer I would not otherwise have had. With interest rates at an all time below and cash being king in any crisis I am now seriously considering this.

2 Report Comment Reply
Tom McGrath

Member Since August 2015 - Comments: 40

5:40 PM, 26th March 2020, About 6 years ago

A payment holiday is just that : a holiday. When you get back from holiday, the payments will be waiting and you will still have to make up the missing payments. They have not gone permanently. Before you “pass the relief on to the tenant, “as suggested, kiss your money a fond farewell.

1 Report Comment Reply
David Lawrenson

Member Since July 2013 - Comments: 467 - Articles: 1

5:51 PM, 26th March 2020, About 6 years ago

I’m just pleased I stayed on my lifetime base rate trackers and did not move.

West Brom must be cursing you more than normal, Mark!

David Lawrenson
http://www.LettingFocus.com

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