Borrowers could take a payment break
Mon 28th Apr, 17:19:09 BST
Many mortgage borrowers could give themselves a break from making repayments.
That is according to Money Expert, which said that plenty of people have the facility written into the terms of their deal.
It could provide some much needed respite for borrowers at a time when finances are tight.
The firm claims that 58 per cent of mortgages currently available include a payment holiday facility.
"Lenders are aware they need to be flexible with their customers and are already ahead of the game - certainly more than the chancellor might have us believe," said Sean Gardner from Money Expert.
"With around six in ten mortgage products coming with a potential payment holiday written into the terms and conditions, cash-strapped homeowners can at least enquire about taking a break," he added.
According to figures from Money Expert, borrowers are most likely to get a payment holiday facility when taking out a variable-rate mortgage.
That is according to Money Expert, which said that plenty of people have the facility written into the terms of their deal.
It could provide some much needed respite for borrowers at a time when finances are tight.
The firm claims that 58 per cent of mortgages currently available include a payment holiday facility.
"Lenders are aware they need to be flexible with their customers and are already ahead of the game - certainly more than the chancellor might have us believe," said Sean Gardner from Money Expert.
"With around six in ten mortgage products coming with a potential payment holiday written into the terms and conditions, cash-strapped homeowners can at least enquire about taking a break," he added.
According to figures from Money Expert, borrowers are most likely to get a payment holiday facility when taking out a variable-rate mortgage.
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