Mortgage holiday?

by Readers Question

15:44 PM, 10th March 2020
About 6 months ago

Mortgage holiday?

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Mortgage holiday?

I’m a large Buy to Let HMO landlord renting room by room in Aberdeen and have already been hit with plummeting enquiries from the Corona Virus and oil crash.

I foresee difficult times ahead.

Has anyone been in discussion with their lenders regarding a landlord mortgage holiday?

I see press reports for homeowners being offered mortgage holidays, but nothing for landlords.

Many thanks

Karen



Comments

Neil Patterson

15:50 PM, 10th March 2020
About 6 months ago

Hi Karen,
After winning the West Brom case Property118 is not exactly the lenders friend!

I think it will be a case of watch this space. RBS Natwest have already said they will help Private borrowers (meaning not BTL yet) by deferring mortgage repayments for up to three months.

“We understand there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus, for instance, loss of income.

“We will look to understand each customer’s situation on a case-by-case basis and can offer a number of options to help them manage their finances. We would encourage any customer experiencing financial difficulty to get in touch with us.”

"The bank is monitoring the potential impact of coronavirus across all its customers to ensure it can support them appropriately through any period of disruption"

Neil Patterson

16:15 PM, 10th March 2020
About 6 months ago

TSB is now offering a 2 month deferral although not a BTL lender.


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