HOMEOWNERS may soon be able to extend mortgage repayment holidays by up to six months but this could cost you thousands extra. Chancellor Rishi Sunak first told lenders to offer three month mortgage reprieves for struggling borrowers back in March, before plans to extend the scheme for a further three months were announced earlier in May. ⚠️ Read our coronavirus live blog for the latest news & updates The guidance is expected to take place shortly following a consultation, which ended on May 26. Ultimately, it means borrowers could get six months’ off from having to pay their mortgage bill. While this may sound great in theory, you should only take-up this option if you’re seriously struggling to get the funds together to cover costs. The problem is that taking a mortgage payment holiday, however long that lasts, will end up costing you more over the life of the mortgage. Mortgage help being offered HERE’S what’s planned for struggling mortgage borrowers – these proposals are expected to be confirmed by the city watchdog shortly: Borrowers who can afford to return to full repayment should do so - at the end of a payment holiday, firms should contact customers to find out… Read full this story
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How to calculate how much mortgage payment holiday will cost you – and it could be THOUSANDS of pounds have 308 words, post on www.thesun.co.uk at May 28, 2020. This is cached page on Europe Breaking News. If you want remove this page, please contact us.