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 mo

Money Tips Daily by Charles Kelly, former IFA and author of

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".

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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.

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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 https://bit.ly/3gwbmIy