Finance Q&A - Change/Amend Finance

Do mortgage holidays affect credit rating?

I'd like to take a mortgage holiday, but am worried that it will impact my credit rating. Could you please tell me if my score will go down because of this?


Answer from the Stoneacre finance team:

Hi Tom, thanks for your question.

Since the pandemic, mortgage holidays shouldn’t affect your credit rating. If you’re having difficulties with the payments, you should contact your lender and agree to take the mortgage holiday so that it would show up as paid rather than missed on the credit file. However, bear in mind that you will still be charged interest fees, even if you’ve taken out a mortgage holiday. 

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