There has been much debate in whether the mortgage payment holidays will impact a borrower’s ability to remortgage in the future. It is possible that lenders could use the fact a borrower has taken a payment holiday against them when they try to get a new mortgage. It is still unclear how this will pan out in the long-term.
If you are worried about the cost of your mortgage, it is worth reviewing the deal you’re currently on, to see if you can reduce your payments simply by switching.
Hiten Ganatra adds: “There are some excellent mortgage rates available at the moment, with some below 1.5% so there is every chance you can cut the cost of your monthly outgoings.” A chat with a fee-free broker won’t cost you anything so there’s nothing to lose in asking your broker to investigate what can be done.