MoneySuperMarket has joined forces with its joint venture partner Podium to launch a mortgage payment holiday calculator to help people, including buy-to-let landlords, understand what their new monthly repayments could be, should they choose to take a three month mortgage holiday.
The price comparison site’s calculator shows how much a borrower’s monthly bill would go up after the payment holiday.
Consumers simply need to fill in information, such as existing monthly repayments, interest rates, and length of the mortgage, in order to calculate the precise amount.
Mark Gracey, corporate development director at MoneySuperMarket, said: “We know that the coronavirus crisis is taking its toll on the finances of UK households, so it’s no surprise that many homeowners will be considering the option of a mortgage holiday.
“It can be difficult to understand exactly what a mortgage holiday could mean further down the line once the term comes to an end.
“With mortgage providers wanting to keep their phone lines open for their most vulnerable customers, we hope that this tool will help people understand whether a mortgage payment holiday is for them if they can’t get through to their provider.
“We’re offering the calculator for free to any organisation which wants to provide the service to the public, so we can help as many people as possible.”