CORONAVIRUS MORTGAGE PAYMENT HOLIDAY CATCH.
UK Government claims banks have agreed to help all mortgage customers upto 3 months payment holidays but won’t tell you is there is a massive catch!
CRONOAVIRUS MORTGAGE PAYMENT HOLIDAY CATCH’S include;
1/ Its not a free service.
2/ Can cost an extra £50_ pcm for the for the next 20 years.
You guessed it Banks are taking advantage yet again yet in 2008 when they were in crisis they got free money so why cant the customers this time around?
This only happens if customers have no current arreas on their accounts but lets assume your monthly payments are £1000 pcm so you get a deffered 3 month holiday thats 3x£1000=£3000. What the banks do is add the 3k to your repayment amount so at 3k at 3% gets added to your monthly payments and say you have 15 years of your mortgage left youe monthly payments increase from £1000 to £1020.72 for repayment and £7.50 interest only!
If the Goverment and the banks wanted to really help they could just add the 3 months at the end of the natural term and basically give you this holiday INTEREST FREE instead of PROFITING from this crisis?
This Government keeps thinking up new ideas how everyone is going to help pay for this crisis after its all over and they wonder why people ignore them and their advice even though the advice is 100% correct in saving lives!
Check out how much extra your payments could be first add the total amount of payments over 3 months then add how many years you have left on your mortgage then add your current bank interest rate to fing out how much money estra its going to cost your family.
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