PHOTO: Mortgage holiday
In the wake of the coronavirus pandemic, the UK has announced it will offer a mortgage holiday for those adversely affected by the economic slowdown
That means a waiver on paying the mortgage for a set amount of time.
Britain’s Finance Minister, Rishi Sunak, made the announcement yesterday, saying for “those who are in difficulty due to the coronavirus, mortgage lenders will now offer a three-month mortgage holiday so that people will not have to pay a penny towards their mortgage costs while they get back on their feet”.
The developments are being closely followed here. One mortgage company told TVNZ1’s Seven Sharp that 80 per cent of its customers live paycheck to paycheck.
Australian banks are also considering the move. A New Zealand mortgage advisor says she thinks it’s inevitable for our country.
Sara Hartigan says people in the UK still have to prove how their business or livelihood would be affected, but that the outcome for New Zealanders would likely be the same.
“I know the big four banks have been in talks for the last four to five days on how to help New Zealanders through this crisis,” she says.
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