Covid-19 – Which BTL Lenders Are Playing Ball?

by Mark Alexander

15:51 PM, 26th March 2020
About 2 months ago

Covid-19 – Which BTL Lenders Are Playing Ball?

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Covid-19 – Which BTL Lenders Are Playing Ball?

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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Comments

Mark Alexander

15:54 PM, 26th March 2020
About 2 months ago

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

Do you think I should?

craig rennolds

16:13 PM, 26th March 2020
About 2 months ago

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

Marty K

16:15 PM, 26th March 2020
About 2 months 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

SM

16:24 PM, 26th March 2020
About 2 months 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.

S Daye

16:50 PM, 26th March 2020
About 2 months ago

Does anyone have any information on Northern Rock mortgages

Roger P

16:52 PM, 26th March 2020
About 2 months 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.

Monty Bodkin

17:17 PM, 26th March 2020
About 2 months 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.

Mark Alexander

17:38 PM, 26th March 2020
About 2 months 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.

Tom McGrath

17:40 PM, 26th March 2020
About 2 months 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.

David Lawrenson

17:51 PM, 26th March 2020
About 2 months 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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