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Thread: Mortgage deferrals during covid

  1. #1

    Default Mortgage deferrals during covid

    Hey, what do you think about mortgage deferrals?

  2. #2
    Senior Member
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    I have a mortgage, maybe I need to find out what about these kinds of loans and get also the monthly payment deferral, this thread just now pushed me to think about it. I heard that FCA confirmed support for mortgage borrowers impacted by the covid situation, I just do not understand where to go with it, maybe to my mortgage broker? It was Mortgage Advice Coventry maybe they can provide support with mortgage deferral and help with all these papers and law shit. My gosh, if I only knew about what will happen in 2020 I would not take that mortgage, could still live in a rented flat and pay monthly really small money in comparison with loan payments now

  3. #3
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    What type of topics can be posted here, what things we can post in off-topic boards?

  4. #4
    Junior Member shaw012's Avatar
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    A mortgage deferral is an agreement between you and your financial institution. This allows you to defer your mortgage payments for a period of time.
    At the end of the grace period, you can continue paying off your mortgage. You must also repay the deferred mortgage payments. Your financial institution determines how it will refund deferred payments.
    During the grace period, your financial institution will continue to charge interest on the amount owed. They add this amount to your outstanding mortgage debt. With higher mortgage payments, your interest costs are higher. This can cost you thousands of additional dollars over the life of your mortgage.
    Last edited by shaw012; 07-05-2021 at 10:23 AM.

  5. #5
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    How do I get a mortgage deferment?

  6. #6

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    Granting mortgage vacations is a responsible step, which can be done only once (it is impossible to apply repeatedly for each option of vacations). Before applying to a lender for a mortgage vacation, you should make a balanced assessment of your own ability to service the debt. If a decrease in income does not allow you to make total payments on the loan, apply for a mortgage vacation.
    My elderly mother took out a reverse mortgage to save us from this operation, and we paid off our mortgage during the lockdown.

  7. #7

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    Deferred payments, which are provided as part of credit holidays due to coronavirus, will not be free for borrowers. Credit holidays will be able to help only a third of all mortgages. As far as I know, the very first in a line of those who will receive a reprieve are those who have lost their main breadwinner (in the form of a man) due to death from coronavirus. See if you fall under the other preferential categories. For example, I studied them with the help of my financial advisor from thefinitygroup.com.
    Last edited by alanruther; 09-11-2022 at 12:51 PM.

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