{"id":115396,"date":"2020-04-04T14:00:53","date_gmt":"2020-04-04T07:00:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-mortgage-payment-holidays-really-a-good-idea-patrick-collinson\/"},"modified":"2020-04-04T14:06:20","modified_gmt":"2020-04-04T07:06:20","slug":"are-mortgage-payment-holidays-really-a-good-idea-patrick-collinson","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-mortgage-payment-holidays-really-a-good-idea-patrick-collinson\/","title":{"rendered":"Are mortgage payment holidays really a good idea? | Patrick Collinson"},"content":{"rendered":"


\nMost banks will offer a break during the coronavirus crisis, but it doesn\u2019t suit everyoneAbout 1 million mortgage holders have applied for a payment holiday in the past fortnight, according to industry sources. Should you do so, too?1. It\u2019s not free money. But it\u2019s very cheap. Let\u2019s be clear that you still have to pay for your holiday, the banks are not just writing off the money. They add whatever you didn\u2019t pay to your total mortgage, and when the three months is up your repayments go up. But with interest rates so low, it makes surprisingly little difference. For example, using Moneyed.co.uk\u2019s mortgage calculator, a \u00a3200,000 mortgage taken out in May 2018 at a 2.5% rate costs \u00a3897 a month. If you take the three-month holiday, afterwards the cost will rise to \u00a3910 a month. \u201cIf the choice is between really struggling or taking the mortgage holiday, then the additional cost further down the line is actually quite small beer,\u201d says broker Ray Boulger of John Charcol. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Are mortgage payment holidays really a good idea? | Patrick Collinson<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Most banks will offer a break during the coronavirus crisis, but it doesn\u2019t suit everyoneAbout...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115396","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-u1e","jetpack-related-posts":[{"id":115020,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgage-holders-struggle-to-contact-banks-for-payment-holiday\/","url_meta":{"origin":115396,"position":0},"title":"Mortgage holders struggle to contact banks for payment holiday","date":"March 20, 2020","format":false,"excerpt":"\r Customers who spent more than three hours waiting ask why online forms are not availableMortgage holders clamouring to obtain a \u201cpayment holiday\u201d during the coronavirus crisis are waiting hours to get through to Britain\u2019s banks, and many have given up.Twitter has been deluged with complaints from customers unable to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115422,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-cant-raise-a-mortgage-against-our-1-25m-home-for-our-holiday-let-barn\/","url_meta":{"origin":115396,"position":1},"title":"We can't raise a mortgage against our \u00a31.25m home for our holiday let barn","date":"April 6, 2020","format":false,"excerpt":"\r We need \u00a350,000 for a second bathroom but mention \u2018holiday let\u2019 and lenders just shy awayQ My wife and I jointly own a listed manor house with a number of outbuildings including a converted barn which is used as a holiday let. We own the house and all outbuildings\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116603,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-mortgage-payment-holiday-extended-by-three-months\/","url_meta":{"origin":115396,"position":2},"title":"UK mortgage payment holiday extended by three months","date":"May 22, 2020","format":false,"excerpt":"\r Treasury also extends ban on home repossessions to 31 October amid Covid-19 crisisCoronavirus \u2013 latest updatesSee all our coronavirus coverageThe government has extended its mortgage payment holiday scheme by three months and the ban on home repossessions until the end of October.More than 1.8 million homeowners have taken a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":137481,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lets-not-pretend-labour-has-found-a-way-to-defuse-the-mortgage-timebomb-nils-pratley\/","url_meta":{"origin":115396,"position":3},"title":"Let\u2019s not pretend Labour has found a way to defuse the \u2018mortgage timebomb\u2019 | Nils Pratley","date":"June 22, 2023","format":false,"excerpt":"\r Starmer and his party seem to have concluded direct support for homeowners cannot be justified \u2013 but it\u2019s smart politics to be seen to take on the banksLabour\u2019s \u201cfive-point plan\u201d to ease the pain in the mortgage market can be boiled down to a single idea: get heavy with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgage-holidays-a-break-is-tempting-but-it-will-cost-you\/","url_meta":{"origin":115396,"position":4},"title":"Mortgage holidays: a break is tempting, but it will cost you","date":"May 9, 2020","format":false,"excerpt":"\r About 2m Britons have paused payments in the coronavirus crisis. Readers share their experiencesCoronavirus \u2013 latest updatesSee all our coronavirus coverageAlmost one in five UK mortgage holders have now been granted a payment holiday, it was estimated this week \u2013 but people\u2019s experiences of the process have been very\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98435,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-my-ex-partner-get-a-mortgage-deal-so-she-can-stay-in-our-house\/","url_meta":{"origin":115396,"position":5},"title":"Can my ex-partner get a mortgage deal so she can stay in our house?","date":"September 24, 2018","format":false,"excerpt":"\r She doesn\u2019t have funds to buy me out and couldn\u2019t afford to pay the whole mortgageQ My partner and I bought a house together as tenants in common with a four-year fixed-rate mortgage. The house was \u00a3370,000 and the deposit was \u00a3150,000 which I had inherited on my dad\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115396"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115396"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115396\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}