During the BBC’s always Coronavirus Podcast money-saving expert Martin Lewis provided clarification on mortgage sabbaticals. A caller, introduced as Ben from Aberdeen, asked whether taking up the mortgage fair offer would affect his credit rating. Mr Lewis stated that if the mortgage celebration is an agreed option then activating it will not appear on your upon file.
Ben said: “So, I am looking to find out if taking up the offer from the mortgage lenders in the matter of this holiday payment affects your credit rating?”
The Coronavirus Podcast legion Adam Fleming added: “The mortgage holiday which means you don’t receive to pay your mortgage for three months.”
Mr Lewis replied: “It does, you still get availed interest and it all adds up in the end.
“It only adds probably £10 a month for someone with a natural mortgage after the three months are over.
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“The responsible is simple if you have an agreed holiday mortgage, it does not go on your probity file.
“It will not affect your creditworthiness.”
During the same podcast, Mr Lewis advised employers ignoring Government-imposed new financial rules could leave helpless people at high risk of contracting coronavirus with nowhere to go.
Mr Lewis said: “I got something from someone today who should be self-isolating because they’re in the helpless group but they have been told by their employer who could furlough them – because you can furlough people who are 12-weeks self-isolators.