Many lenders are now offering a 3 to 6 month “repayment holiday” to help people with their cash flow.
This means that you wont have to make any loan repayments at all – which is very helpful if for example you have lost your job, or you want to build up your savings in case things get worse.
But there is a catch – lenders will capitalise your interest, meaning the interest charge is added to your loan amount each month, so the loan amount will go up. They will then recalculate the repayments for you when the “holiday” is over, so your repayments will be a little higher.
I’d be happy to discuss with you whether it is a good idea to put your loan repayments on hold for a while – and can advise you how to do this with your lender.
Find out how you put your loan on hold, Click Here