The great big mortgage holiday scam

[Steve Bullman]

Struggling to get my head around this. I phoned the bank yesterday to take advantage of this 3 month holiday that the government has made possible, believing that it would just add 3 months on to the end of the mortgage, or the monthly payments would be adjusted to make up for the break. The payments were indeed adjusted, but also the 3 missed payments they say will be added onto the mortgage, ie my overall debt will raise by the equivelant of 3 months payments. I am quite struggling to get my head around how that is a mortgage holiday, unless I am totally missing the point i would actually end up paying them for the privelege.

[Ratman]

Yep, lads at work found this out yesterday, similar with the business’s loan thing, it all gets added on after the time period, putting you back in the same boat, if not worse off in a few months time!

[eggsarascal]

It's the same with those £10k grants that they have thrown open to all small business, not quite, it's all small businesses that work from a premesise. Working from home doesn't cut the mustard.

[BishBashBosh]

Playing Devil's Advocate , yes you're paying for it, but it's a service rather than privilege. 

You are paying for taking some of the financial pressure off for three months. There will be a good number of people for whom that's the difference between being bankcrupt in a couple of weeks or not?

[Steve Bullman]

2 minutes ago, BishBashBosh said:

Playing Devil's Advocate , yes you're paying for it, but it's a service rather than privilege. 

You are paying for taking some of the financial pressure off for three months. There will be a good number of people for whom that's the difference between being bankcrupt in a couple of weeks or not?

Absolutely. And in the grander scheme of things its only adding £16 a month onto my monthly payment....but its still not exactly what I would have considered a mortgage holiday

[topchippyles]

1 hour ago, Steve Bullman said:

Absolutely. And in the grander scheme of things its only adding £16 a month onto my monthly payment....but its still not exactly what I would have considered a mortgage holiday

At the end of the day it will be the tax payers who will pay back the 350+ billion in the end come what may

Edited March 20, 2020 by topchippyles