Mortgage Lenders Back Help to Buy Customers Hit by Covid-19
The Government yesterday confirmed mortgage lenders will support customers struggling financially due to Coronavirus. That includes offering payment holidays and flexible options — and Help to Buy Equity Loan holders won’t be left out.
Help to Buy Equity Loans Get Payment Break
Help to Buy: Equity Loans are interest-free for the first five years. Today’s announcement focuses on those with loans taken out before 31 March 2015, who now face paying interest. Lenders will offer payment holidays and flexible solutions for these borrowers.
Promise from Help to Buy Boss
Will German, Director at Homes 1, said: “We will do all we can to support Help to Buy customers through this unprecedented period of economic uncertainty.”
He added: “Like other lenders, we will offer payment holidays for those struggling with equity loan interest fees. Flexible options to defer payments are also available. We want to support all households facing hardship.”
Don’t Struggle in Silence – Get Help Now
German urged customers to act fast: “Monthly mortgage payments are usually the biggest expense, so if you also have an equity loan, rest assured we will provide options similar to your main lender.”
The advice: first speak to your main mortgage lender about changing payment terms. Then contact your equity loan administrator to explore help. “As soon as you think you might struggle to pay, get in touch – help is at hand.”
