Mortgage Holiday Payment During Coronavirus | Should You Take Them? | Simon Zutshi

In this video, Simon Zutshi, author of Property Magic, founder of the property investors network (pin), and successful property investor since 1995, shares his thoughts and gives a warning on Mortgage Holiday Payment during the Coronavirus. If you can help it, should you take them or not? Simon begins by elaborating on a Mortgage Holiday Explanation and Tenants Not Paying Rent in the UK with their 3 Month Rent Holiday. He highlights how many tenants didn’t realise it was actually a Rent Deferment and not Rent Free Period. He talks in detail about the consequences of Portfolio Landlords requesting a Mortgage Deferral Program if they didn’t need to, and could afford their Mortgage Repayment throughout the Covid 19 pandemic. After speaking with several Mortgage Brokers in the UK, Simon offers his main advice - if you do not need to take a Mortgage Repayment Holiday, do not take it. He offers Mortgage Advice for those Landlords who didn’t really need it, suggesting that they contact their Mortgage Company and request the early payment to be filed. Simon also underlines his key learning points from knee-jerk reactions to a Mortgage Process in the UK. This includes following his 5th Golden Rule from his 5 Golden Rules Chapter of Property Magic - which is to always have a Cash Buffer in place.