Mortgage holidays and Landlords

Individuals who are struggling to pay their mortgage as a result of difficulties caused by the coronavirus can apply for a three-month mortgage holiday. To do this you should contact your mortgage provider as soon as possible to discuss your circumstances – you should aim to do this before actually missing a payment.

We don’t know if this applies to Commercial Mortgages for commercial premises. Please contact your mortgage provider.

 

What about leased property?

Whilst there is no legislation for landlords to offer payment holidays. Across the client base we have found that the majority of landlords are understanding and are keen to offer rent holidays for the months of April and potentially May 2020 especially if your trade sector is most likely to be affected. (Such as the hospitality trade). You should make contact with your landlord as soon as possible to try and arrange something. However remember, this is not legislated and is down to the goodwill of your landlord.

Finance leases and operating leases

Leases for TV’s, coffee machines, catering equipment can potentially benefit from a payment holiday. Contact your lease provider to see if this is possible.  However remember, this is not legislated and is down to the goodwill of your landlord.