Mortgage holiday only available to landlords under a threshold number of properties?

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    Mortgage holiday only available to landlords under a threshold number of properties?

    My lender has said that that aid in the form of a payment holiday is limited to landlords with less than a threshold number of properties but I cannot find any mention of this. I have less than ten but apparently do not qualify. They were vague but suggested it was two or three. Anyone else heard of this?

    I don't actually need it at present but have been receiving enquiries about rent freezing and deferrals from tenants and would like to be able to plan ahead.

    Bank also said that it is unlikely that they will be passing on the reduction in BoE rate (in their SVR).
    Assume I know nothing.

    #2
    The government is announcing policy and the banks are making up their own rules.

    When times are back to normal, there will be two lists drawn up.
    Companies that went the extra mile when it mattered, and those that tried to take extra advantage of the crisis.

    Hopefully there will be a transfer of business.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      As a broker I am certainly not aware of such restrictions , if you would care to indicate the lender I will research my Intermediary search facilities and revert.

      Comment


        #4
        Good morning Hooper , firstly thanks for the PM reaffirming who the lender is , the simple fact is that they are a lender that offers funding invariably at different rates depending on the client , with one local branch possibly operating differently to another.

        Whilst I believe the spirit of the payment holiday was intended for Non Portfolio Landlords , the Fact remains that even Portfolio Landlords can be affected if a number of tenants have found their ability to meet their day to day outgoings become problematic because of a fundamental change in the levels of income due to the current lockdown and the potential delays of receiving monies under the “Income Support grants “.

        I am sure that you can provide the local manager of the bank to understand these basics facts and reiterate that there is absolutely nothing within the government rules which limit the ability of lenders to restrict to Non Portfolio Landlords.

        Given that some lenders are choosing to consider each request on its individual merits I suspect that HB is doing the same whereas others are doing it on a Self Certified basis. If the lender refuses to accommodate your request I would suggest waving goodbye to them when the market returns to normality.

        Comment


          #5
          Digging into the relevant banks site , they have made the following statement

          "The spread of covid-19 could have financial consequences for many households, for example through unemployment. Even if the crisis is expected to pass, it could still have devastating effects. As a bank that takes corporate social responsibility seriously, we want to make life easier for our customers.

          This means that customers facing financial difficulties as a result of covid-19 can apply for temporary dispensation from amortisation of their mortgage loan. Applications will be assessed on a case-by-case basis, adhering to the customary good practice for granting credits.


          Clearly there is a willingness to assist where financial difficulties will arise BUT each request will need to be considered on its relevant merits and circumstances , therefore I would suggest drawing up a spreadsheet or statement showing where rental payments are missed will impact on your ability to fund the mortgage repayments as well as other fixed items of expenditure not least, if applicable the repayment of your primary residence

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