Coronavirus – New mortgage holiday should affect credit record, says Nationwide boss
Industry News | 29/05/20
A borrower’s credit file should be marked if they take a further mortgage holiday, the Nationwide has said.
Lenders look at somebody’s credit rating when deciding whether to agree to a fresh loan or contract and the interest rate they will charge. Joe Garner, chief executive of the Nationwide Building Society, said an extension to the mortgage break may signal a borrower was “struggling”. He made the comment as the UK’s largest mutual announced a plunge in profits.
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