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Recently, the Government has put in place various measures to help with financial worries caused by the spread of Coronavirus in Scotland. One of these is a new policy which allows borrowers to apply for a mortgage payment holiday of up to three months. In effect, this is a break from making any contractual mortgage payments by agreement with your lender.

Subject to the borrower not being in arrears with the mortgage, the payment holiday is potentially available to any borrower who has concerns about being able to meet the mortgage repayments, e.g. if your employment has been adversely affected. The payment holiday is also available to Buy-to-Let landlords if a tenant has been financially affected by the Coronavirus situation. Any borrower who wishes to apply should contact their lender as quickly as possible to discuss the available options. The Trading Body UK Finance for banks and building societies have advised that lenders will make ‘every effort’ to make sure payment holidays do not have an adverse effect on individual credit scores. A number of lenders have indicated that this will not impact adversely on a borrower’s credit rating. However, it is important that any borrower should check the position specifically with their lender if a mortgage payment holiday is being sought in order to determine the lender’s position on credit rating.

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