MoneySuperMarket, alongside its joint venture partner Podium, has launched a mortgage payment holiday calculator to help consumers understand what their new monthly repayments could be, should they choose to take a three month mortgage holiday.
The price comparison site is also making the branded tool available for free to charities, consumer organisations, news sites, and mortgage providers to embed into their own sites and reach as many consumers as possible.
The calculator is available on the MoneySuperMarket website and shows how much a borrower’s monthly bill would go up after the payment holiday.
People are asked to fill in details such as current monthly repayments, interest rates, and length of the mortgage, and are shown the increase to monthly repayments they should expect to see. The calculator then takes customers directly to their lenders’ mortgage repayment holiday information to begin an application process should they wish to go ahead.
Mark Gracey, corporate development director at MoneySuperMarket, said: “We know that the coronavirus crisis is taking its toll on the finances of UK households, so it’s no surprise that many homeowners will be considering the option of a mortgage holiday.
“It can be difficult to understand exactly what a mortgage holiday could mean further down the line once the term comes to an end. With mortgage providers wanting to keep their phone lines open for their most vulnerable customers, we hope that this tool will help people understand whether a mortgage payment holiday is for them if they can’t get through to their provider.
“We’re offering the calculator for free to any organisation which wants to provide the service to the public, so we can help as many people as possible.”
Any organisation wishing to use the calculator should contact Podium at firstname.lastname@example.org