I have received information from our internal mortgage broker on clients whom want to apply for a mortgage payment holiday.
Most of the lenders now have a form on their websites to apply for one. This will save you trying to call to get through to speak to the lender.
The choice is normally a payment holiday of 3 months and the interest is re-calculated and added to the loan – which will increase the payments slightly, or a 12 month interest only arrangement.
I think the latter is better given the time it will take for eg self-employed to get back on their feet.
Please check your mortgage companies website fro further details.
