Mortgage Payment Breaks during the COVID-19 Disruption

Mortgage Payment Breaks during the COVID-19 Disruption

23/06/2020

The COVID-19 outbreak has financially impacted many homeowners living across Scotland.

When the government announced plans for a three-month payment break on mortgages for those struggling due to COVID-19 - and latterly extended this by three months again - many will have breathed a welcome sigh of relief.

If you are looking to request a payment holiday, you currently have until 31 October 2020 to do so.

When exploring this option, it is important to note that you will still be charged interest during the payment break. The balance you fail to pay during this time will be added onto the total cost of your mortgage and factored into future repayments. You must also contact your lender to agree on this route before you stop making payments.

While this initiative, and other similar ones (more details here), are likely to help many get through this difficult time, some may have debts that predate the pandemic, and will require further assistance.

If you feel you may fall into this category, call our advisers today on 0141 300 5656. They will be able to outline all the options available to you.

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