Covid-19 – Which BTL Lenders Are Playing Ball?

With regards to Aldemore,I had a letter withun 2 days of the announcement offering a payment holiday but for limited reasons- being empty didn’t appear though.

Does anyone know how the mortgage ‘holiday’ works exactly?
Is it a straight ‘holiday’ where it’s as if the 3 months never happened and you get an extra 3 months added to the end of the term at whatever interest rate prevails.
Or is it added to our debt so that in 4 months time our payment will be a bigger?

I think I’ve just answered my own question. Here is what Rosinca says:

During the holiday, interest will continue to accrue and be charged to your account, which means your outstanding balance will increase.

In most cases we expect that the interest accrued during the payment holiday, and (if you have a capital repayment mortgage) the deferred capital repayments will be paid by spreading them over your remaining term. As a result your future monthly payments will increase. The total amount of interest you pay over the term of the mortgage will also increase.

Should you wish to pay another way, or if you think you will have difficulties making the increased monthly payments, we will provide you with the opportunity to discuss this with us further.

If a payment holiday is agreed, you usually pay by Direct Debit and a monthly payment is due in the next five working days, you must contact your bank immediately to cancel the Direct Debit. If you don’t have a payment due in the next five working days you do not need to do anything, once the holiday is agreed, the payment will not be collected. Please remember if you have cancelled your Direct Debit, you will need to reinstate it at the end of the payment holiday.
I think I’ve just answered my own question. Here is what Rosinca says:

If a payment holiday is agreed and you pay by standing order, or if you have a recurring payment set up through online banking, then you will need to contact your bank to cancel it ahead of your next payment. Again, you will need to reinstate the standing order or recurring payment at the end of the payment holiday.’

https://www.property118.com/dont-jump-on-the-repayment-holiday-bandwagon/

“Landlords must be aware that any requests could potentially damage any approaches to that lender.
“Lenders expect landlords to be able to cover void periods under normal circumstances so they will not take kindly to landlords trying to take advantage of them just to build up some cash reserves.