Help to Buy Owners Offered Payment Holidays Amid Covid-19 Struggles
The Government has stepped in to help Help to Buy homeowners wrestling with interest payments during the Covid-19 fallout. Mortgage lenders have agreed to offer payment holidays and flexible options to ease the pressure.
Payment Holidays for Equity Loan Interest
The Government confirmed lenders will support customers hit hard by the pandemic by allowing payment breaks on mortgages. Now, Help to Buy homeowners paying interest on their Equity Loans can claim similar relief.
Remember, these loans are interest-free for the first five years, so this applies primarily to those who took out loans before 31 March 2015.
Help to Buy Director Promises Support for Those in Need
Will German, Help to Buy Director at Homes 1, said:
“We will do all we can to support Help to Buy customers through this unprecedented period of economic uncertainty. Like other lenders, we will offer payment holidays for those struggling to pay interest fees on their equity loans.
We will also offer flexible options to defer interest payments. In all cases, we will support households facing hardship.”
How to Get Help
- Contact your main mortgage lender first to discuss revised payment arrangements.
- Then reach out to the Help to Buy equity loan administrator to explore payment holiday options.
Will German urges homeowners not to “struggle in silence.” If you think you might miss a Help to Buy equity loan payment, get in touch immediately — help is waiting.
