Mortgage Payment Holiday: How The Payment Holiday Works

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Mortgage payment holiday: how the three-month coronavirus payment break works

As a responsible broker, we would like to remind clients and anyone else that has a mortgage, you are still required to pay unless you have applied for a mortgage payment holiday.

We have spoken to several clients in the past few days, asking if they need to continue making payments on their mortgage and credit cards and would just like to give an explanation on how to ensure you are covered during these hard times.

Whilst credit cards are completely different from mortgages, you still need to ensure you make your payments, even if minimal amounts on your credit cards.

When it comes to your mortgage, things are a little different:

  • You are required to continue making payments on your mortgage.
  • If you are affected by the COVID-19 outbreak, you can get in touch with your bank or mortgage provider to discuss a payment holiday.
  • You may not be suited to a payment holiday however your lender will confirm with you your options by looking at your current financial situation.
  • Failing to maintain payments on your mortgage will put a missed payment on your credit file.
  • Payments are deferred ONLY if you qualify for a payment holiday and you will have to continue to make these payments after the government set guideline on suspending them. You may be asked to spread these payments over the remainder of your current mortgage term.

What if I don’t own my property but rent?

The government is set to discuss and vote for a new legislation which should come into effect within the next week so that people unable to pay their rent, can receive help. Until then, we urge you to contact your landlord if you are struggling to make payments whilst out of work and inform them of this.

The government have put measures in place to stop you being evicted during this time however, landlords are also human and some rely on your payments, the best thing you can do is to discuss the situation with them until there is more information available in the coming week.

We would recommend renters to contact their landlord or managing agent if they have problems paying your rent. If you are a landlord and your tenants are unable to pay their rent you should contact your lender as soon as possible to discuss the options that may be open to you.

How do I request a mortgage payment holiday?

We urge you to contact your lender as soon as possible, they will be able to assess your finances and provide you with options best suited to your current financial situation.

If you are in doubt, we are on hand to give you some general guidance but your lender will be able to access your financial situation as you are making repayments to them and advise you better.

If you are in the process of getting a mortgage through Try Financial, we are on hand to discuss your circumstances by calling 01473 462288 or by emailing us on

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