Are mortgage payment holidays really a good idea? | Patrick Collinson

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Most banks will offer a break during the coronavirus crisis, but it doesn’t suit everyone

About 1 million mortgage holders have applied for a payment holiday in the past fortnight, according to industry sources. Should you do so, too?

 

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If you have suddenly lost your income through no fault of your own then yes

Anyone know what Patrick means by this? 'You certainly won’t be able to scan the market for a great deal at the end of your fixed-rate term.' It doesn't affect your credit rating so why would it impact your ability to scan the market?

House prices have to be kept inflated! If they go down it would be a catastrophe!!

Yes!

I'm sure the London middle-classes who own a few properties which they rent may very well ask this question in-between perusing articles in the Guardian. But many of us actually can't pay our mortgages.

Well they are for people with no money.

Not if you’re with the HalifaxBank. It’s just another way for them to make money 🤦‍♂️

Too soon.

No

It’s not a choice.. these aren’t tenants swimming in money who would like to not pay, these are folk with no income due to redundancy and either stay home or go out to try and earn money resulting in infections. It’s not holiday or payment it’s mortgage freeze or default. Dummy

Stop calling it a “holiday”, we’re not in Kansas now dorothy we’re in a Coronavirus Pandemic and we’ve lost our jobs and we’re panicking to make sure we keep afood over our head.

Well how the hell are we meant to pay the mortgage if we are not working earning money, so maybe that's why people are having to turn to a mortgage holiday?

They are my man

Is reading anything from ever really a good idea?

A landlord wrote this?

Yes.

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