Coronavirus is creating challenging times. If current Covid-19 events are affecting you financially, we are here to help and support you by offering our customers a mortgage payment holiday.

What exactly is it?

If the coronavirus is affecting your income, one of the ways we are helping is to offer our customers a mortgage payment holiday. This means a temporary break from your usual mortgage repayments. It can last up to three months and is there to ease the financial pressure during this unprecedented time.

What happens to the interest on my mortgage during a mortgage payment holiday?

Any interest that you usually pay on your mortgage will continue to be applied during your payment holiday, but you will only be asked to pay this once the mortgage repayment holiday is over. This will mean that the total amount of interest you pay over the term of your mortgage will increase slightly. You won’t go into arrears during that time and your credit rating won’t be affected. However, you should only apply if you are experiencing difficulties in making your mortgage payments.

How does it work?

In the below video, our Co-Founders, James Miles and Michael Tilston explain exactly how they work. They also explain how it may provide flexibility in repaying your mortgage by allowing you to stop or reduce your monthly payments for up to three months.

Here to help

Contact us today to see if you are eligible for a mortgage payment holiday and how it may benefit you. We also explain what to do if you can’t afford your next mortgage payment. If you have any other questions about your mortgage, just get in touch. We are here to help.

Please phone us on 01392 660219 or email us at info@tmq.org.uk if you want to discuss anything at this time.