UK Finance figures show around 2.6 million households took a payment holiday. But according to Experian only half of those borrowers suffered a decline in their spare income while a quarter used the scheme to build up a cash reserve. The millions of families who took the first wave of payment deferrals did not know then it could affect their future borrowing chances. That news came later from the regulator.
With the opportunity to apply for a payment deferral extended, now wiser, borrowers’ attitudes to the scheme may have changed this time around.
So, this week Mortgage Solutions is asking: Have you noticed borrowers are more wary about taking a mortgage payment holiday now it’s been said it could affect future lending decisions?
For the full article: https://www.mortgagesolutions.co.uk/your-community/2020/11/18/some-borrowers-regret-taking-mortgage-holidays-but-cant-be-blamed-for-panicking-marketwatch/
The post When mortgage payment holidays were first announced, borrowers were told it would not impact their credit scores. appeared first on The Mortgage Bureau.
https://www.themortgagebureau.co.uk/uncategorized/when-mortgage-payment-holidays-were-first-announced-borrowers-were-told-it-would-not-impact-their-credit-scores/
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