Later life, holiday let and buy-to-let mortgage specialist Hodge is aiming to help customers who are detrimentally affected by Covid-19, setting out plans to offer a three-month mortgage payment holiday to those in financial need.
Hodge is appealing to customers who are concerned about making their mortgage payments to get in touch with them to discuss their individual circumstances.
Matt Burton, managing director of Hodge mortgages, said: “We don’t want Hodge customers to worry about how they will make their mortgage payments if they are affected by Covid-19. We are here to discuss their circumstances and review whether they would benefit from a possible three-month mortgage payment holiday.
“We realise that during this unprecedented time, many will be losing sleep over how they will make ends meet. That is why we are offering this payment holiday, without customers having to go through an in-depth assessment of your current financial circumstances.”
Mortgage interest will still accrue during the payment holiday. Following the end of the payment holiday, Hodge will get back in touch with customers to discuss a payment plan for the remainder of the mortgage. As the mortgage payments will have to be recalculated, customers may see an increase in their monthly mortgage payment.
As the payment holiday will be agreed and organised by Hodge it will not adversely affect a customer’s credit score.
This payment holiday will also be extended to customers who have Holiday Let or Portfolio Buy-to-Let mortgages whose tenants have been unable to make payments due to Covid-19. Landlords will need to self-certify that their tenants have suffered financially and will have to pass this benefit onto their tenants.
Burton added: “We understand that a mortgage payment holiday may not suit everyone, so what we are saying to our customers is that if you are in financial difficulties due to Covid-19 get in touch with us and we can work out a personalised way for you to manage your money during this time.
“The key message is don’t suffer in silence, our doors and phonelines are open to all of our customers to work through how we can help during this crisis.”
Hodge customer who are being adversely affected financially by Covid-19 should call 0800 731 4076 to discuss their circumstances with a member of Hodge’s customer services team.