MoneySavingExpert Founder, Martin Lewis · Editor-in-Chief, Marcus Herbert

How much will a mortgage holiday cost you?

If you’re struggling to pay your mortgage due to coronavirus, lenders should allow you to take a mortgage payment holiday for up to six months, if you apply by 31 October. You can pay nothing or reduced amounts for the period. But...

  • A missed or reduced payment isn’t wiped off your debt.
  • You WILL be charged interest on your debt while not paying. So reduced payments are better than no payments as less interest accrues.

As future payments will rise to make up for the missed payments and the added interest, our calculator shows how much more you’ll pay a month after the holiday, assuming your rate stays the same.

We include most major lenders to give a rough estimate based on the way each charges interest. Apologies if your lender isn't listed – if so, select ‘other’ for a slightly rougher estimate.

Warning:  You MUST agree a mortgage holiday with your lender first. If you just stop paying, this is recorded as a late payment, which will put you in arrears and harm your credit history.

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