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Sam Sam

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Yeah, agreed ! - my point really is responsibility should not fall on private landlords and as per other comment there are no benefits to so called "payment holidays" , tenant are barking up the wrong tree suggesting they should get rent relief because the landlord may be able to get a so called "payment holiday" - in many cases 80% of salary should be more than adequate for many (although appreciate everyone has their own personal set of circumstances) to keep paying their rent and those supporting calls for landlord to pass on "payment holidays" to tenants really should be asking the government to do something for the private landlords , which yes is very unlikely

From: Sam Sam 29 April 2020 10:27 AM

We are all in the same boat and Landlord(s) generally want to help their tenants whilst making sure they can keep their commitments and not increase their debt or outgoings. To help tenants the government would need to put more in place to help landlords. (though what the government has in place for those losing income (which is what rent is paid from) is far superior to many countries at this time. The word "payment holiday" is so misleading it should be called "Deferred mortgage payment that will be capitalized and so added to the mortgage borrower(s) total debt and interest will be charged on this additional borrowing over the full remaining term of the mortgage resulting in lots more interest being paid back to the bank until the mortgage debt is repaid" Historically in some cases lenders also use to record payment holidays as the borrower falling behind on the initially agreed mortgage payments which has the potential to result in adverse credit, so anyone considering one should double check the lender wont record it as falling behind on payments (in the current environment ones I have spoke to are not) Ultimately everyone wants to help everyone else in the current environment But the wording "payment holiday" is easily mis-understood and borrower should try to avoid taking one unless they have no other option or they feel they can afford the extra they will be charged in both interest and increased monthly payments after the period of differed mortgage payments Everyone is in different situations but the idea behind the government support schemes, Grants for businesses, 80% of salary for furlough staff and help to the self employed is surely there to enable everyone to pay the essentials like food, utilities and rent during this time - far far better than what many countries are doing for people. Private landlord may choose to help which is amazing, (many are not in a position to do so though) but so called "payment holidays" cost landlords a lot more money in the medium to long term and this should be explained to tenants and the working is so misleading - To help tenants the government should put proper support in place for landlord the majority of which rely on the rent coming in as crucial to meet their own commitments. There are two sides to this coin -so called "payment holidays" put landlords in more debt. The increased payment to pay back the extra interest will be over the remaining term of the mortgage which in many cases will be far longer than the current tenants are likely to stay.

From: Sam Sam 29 April 2020 09:45 AM

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