Mortgage Payment Holiday Update


- Salli Anstey

It was confirmed yesterday that consumer credit scores will NOT be impacted by taking holidays on mortgages and other forms of borrowing during the coronavirus outbreak. Three of the major agencies have confirm this and agreed to an ‘emergency payment freeze’ which will protect those who take a break from repayments. What this means is that if you do request a payment holiday, it will not be recorded on your credit report, or affect your score and any holiday agreed is an agreement between you the borrower and lender.

Other arrangements such as reducing payments/pausing them/increased credit limits will also be protected. It is a challenging time for many and whilst the main priority is to remain healthy, people are still understandably worried out what impact this is having on their income. We would recommend you speak with your lender if you are concerned – many have an online application for ease rather than having to ring.

However, it’s important to note that the above only applies to an agreement you have made with the lender – if you just miss your mortgage payment without having agreed this, it will affect your credit file so please do ensure you get in touch with them. It is worth asking them if it will your record with them as your lender, or if it will affect any future rates available to you when your current deal comes to an end.

We are happy to help and advise where we can so please do get in touch if you have any queries at all or need some guidance.

Our team are safely working from home and can be contacted on the usual office number, 01403 270006 or email


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Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980

Private Wealth Mortgages Ltd, Hillreed House, 54 Queen St, Horsham, West Sussex, RH13 5AD

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