Mortgage lender wants credit files marked down for borrowers taking new payment holidays

Mortgage lender wants credit files marked down for borrowers taking new payment holidays

Mortgage lender wants credit files marked down for borrowers taking new payment holidays

Britain’s largest building society has called for borrower’s credit file to be marked if they take a further mortgage holiday.

Joe Garner, CEO of the Nationwide Building Society, said an extension to the mortgage break may signal a borrower was “struggling”.

You can create a second income and get into property during the lockdown…using other people’s money…

Learn from experts – free webinar Sunday 31 May at 7pm Register

This could have serious implications for millions of home owners and buy-to-let landlords. Mortgage lenders look at the information on a borrower’s credit file when deciding whether to agree to a fresh loan or contract and the interest rate they will charge. A poor rating may make it difficult to re-mortgage, obtain a new loan or even a continued fixed rate deal.

The current scheme is due to end in June, but the Treasury and regulators have announced that those who need to will be permitted to defer for another three months. No decision has been made on whether the extended payment holiday will be reflected on a credit reference file used by other lenders.

The UK’s largest mutual (profits are distributed to members) announced a plunge in profits and a £100 million Coronavirus hit.

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

In this Money Tips Podcast episode:

  1. Nationwide BS wants credit files marked for borrowers taking payment holidays
  2. The UK banking sector approved 1.8 million mortgage holidays, say UK Finance
  3. There been 877,800 freezes on credit cards, up 26% since the start of the month
  4. Further 608,000 payment holidays on personal loans, up 30% over same period
  5. Chancellor – employers to contribute to furlough scheme plus, new flexi-furlough
  6. 8 million people are on Job Retention scheme, 2 million more claiming benefits
  7. Commercial retail property values fall 26%, as British Land lose £1 billion
  8. UK property sales hit record low in April, asking prices have come down
  9. Learn how to take advantage of OPPORTUNITIES to make money in property
  10. You don’t need your own money to create a second income in property
  11. Will your job be one of millions phased out by automation, innovation and AI?
  12. Time to your economy or Uconomy started whatever the country is doing!
  13. You can create a second income or get into property during the lockdown…
  14. Learn from experts – free webinar Sunday 31 May at 7pm Register

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Sunday, 31st May 2020, 7:30 UK Time

Attend this webinar if the following applies to you…

  • You are fed up of people telling you to “stay put in your job”
  • You want a consistent income from just a few hours’ work per week
  • You feel you’re missing out grinding away to make money for others
  • You want to choose your own work hours without sacrificing income
  • You’re only just getting by with the money you’re currently making
  • You want a cut of the profits you know others are making in property

If you’d like more information on how to quit the rat race, email me at or send me a message through Facebook or my Money Tips Daily community.

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By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon

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