Support with your Mortgage during the coronavirus outbreak at Halifax Bank

18
Posted 21st Mar
Just got this email, check with your lender;

We fully appreciate that the impacts of coronavirus (COVID-19) on income are worrying and you may be concerned about what that could mean for you and your mortgage.

We want to reassure you we’re here to help and to keep you up to date with what we are doing to support you with your mortgage during this challenging time.How we can help youIf you are struggling with your mortgage because of COVID-19 one of the things you may want to consider is a payment holiday.

We're working to get a simple improved online process live so you can apply for a payment holiday of up to 3 months without needing to speak to us. We aim to have the new process live next week and will send you an email with further details as soon as it is available.

Please do remember that a payment holiday may not be right for everyone and is subject to approval. If you do take out a mortgage payment holiday at the end we'll recalculate your monthly payments and the amount you owe will go up. That's because we will add interest to your mortgage while you take a break.

If you were already in financial difficulties prior to COVID-19 we have other ways we can support you. Please visit our website.Helping us to help our customersWe are also asking you to help us. Our telephone lines are exceptionally busy. This means those who need us most right now - those who are most financially vulnerable – are struggling to get through.

If you have questions we are asking you to visit our websites first of all and only call us if your question is urgent.

With your help that will make sure we are able to support those that are most vulnerable in these challenging times.

Remember, we’re here for you. As the situation in the UK changes we’ll continue to look at what we can do to support you and will be regularly updating our website on key changes.

Yours sincerely

halifax.co.uk/hel…us/
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I think this is the most important bit:

Please do remember that a payment holiday may not be right for everyone and is subject to approval. If you do take out a mortgage payment holiday at the end we’ll recalculate your monthly payments and the amount you owe will go up. That’s because we will add interest to your mortgage while you take a break.
nothingmuch21/03/2020 10:13

I think this is the most important bit:Please do remember that a payment …I think this is the most important bit:Please do remember that a payment holiday may not be right for everyone and is subject to approval. If you do take out a mortgage payment holiday at the end we’ll recalculate your monthly payments and the amount you owe will go up. That’s because we will add interest to your mortgage while you take a break.




They will add interest.

What they should do is give 3 months holiday and cap interest at BOE 0.1% whether you are on fixed or variable for these 3 months.
18 Comments
I think this is the most important bit:

Please do remember that a payment holiday may not be right for everyone and is subject to approval. If you do take out a mortgage payment holiday at the end we’ll recalculate your monthly payments and the amount you owe will go up. That’s because we will add interest to your mortgage while you take a break.
nothingmuch21/03/2020 10:13

I think this is the most important bit:Please do remember that a payment …I think this is the most important bit:Please do remember that a payment holiday may not be right for everyone and is subject to approval. If you do take out a mortgage payment holiday at the end we’ll recalculate your monthly payments and the amount you owe will go up. That’s because we will add interest to your mortgage while you take a break.


Hasn’t it been said that it would affect your credit rating too?
You still have interest added on top during holiday break...
nothingmuch21/03/2020 10:13

I think this is the most important bit:Please do remember that a payment …I think this is the most important bit:Please do remember that a payment holiday may not be right for everyone and is subject to approval. If you do take out a mortgage payment holiday at the end we’ll recalculate your monthly payments and the amount you owe will go up. That’s because we will add interest to your mortgage while you take a break.




They will add interest.

What they should do is give 3 months holiday and cap interest at BOE 0.1% whether you are on fixed or variable for these 3 months.
Whilst it's nice of them to send the email, I don't think banks they had a choice as the government has the big stick out at the moment. Also, good luck trying to evict millions of people all at once!

Real support is waiving or at least cutting the interest owed over the 3 month payment holiday rather than coming out of this possibly unemployed and with a higher mortgage payment than you had before.

Sorry banks...cold for me.
Payments will still go up after to pay it off. Would have been handy if they added 1 month at the last month of the fixed term etc
We will remember this Halifax!
Why expired?? These businesses need to be exposed for what they are!
Imagine economy collapses and most of us are not able to pay mortgage anyway?
Firstly: Yes,it will make an impact on your credit score.
Secondly: 3 months payment holiday was available since at least 10years but rarely used by customers. Covid 19 helped to discover this "great" option for which end of the day you have to pay anyway. Cold from me..
At the end of the day No company will give you anything for free - regardless of the virus or not.
They just have to adapt till everyone can return to normal - on government orders not their kindness.
nabial8221/03/2020 10:28

Firstly: Yes,it will make an impact on your credit score. Secondly: 3 …Firstly: Yes,it will make an impact on your credit score. Secondly: 3 months payment holiday was available since at least 10years but rarely used by customers. Covid 19 helped to discover this "great" option for which end of the day you have to pay anyway. Cold from me..


I used a payment holiday around 14 years ago, its being around a long time and I had it for 6 months which was the maximum then.
googley221/03/2020 10:29

I used a payment holiday around 14 years ago, its being around a long time …I used a payment holiday around 14 years ago, its being around a long time and I had it for 6 months which was the maximum then.


Exactly,so no help from banks.. Sadly nothing is for free..
maj250921/03/2020 10:25

Imagine economy collapses and most of us are not able to pay mortgage …Imagine economy collapses and most of us are not able to pay mortgage anyway?


Luckily this is not an option Government can easily make more notes, they did it in 2008-2009 crisis. £400bn was added from Central Bank of England
nabial8221/03/2020 10:34

Luckily this is not an option Government can easily make more notes, …Luckily this is not an option Government can easily make more notes, they did it in 2008-2009 crisis. £400bn was added from Central Bank of England


Let's not make the mistake of comparing today's situation with that of 2008. We are in an unknown territory.
maj250921/03/2020 10:37

Let's not make the mistake of comparing today's situation with that of …Let's not make the mistake of comparing today's situation with that of 2008. We are in an unknown territory.


I agree, roots of the problem were hidden somewhere else back in them days.
If only there used to be an insurance policy that covered your personal borrowing in the event of sickness, unemployment etc !! 😏
Also goes for loans
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