5 Ways To Maximise Saving During Your Mortgage Holiday

By: Just 4 Mortgages Ltd

The outbreak of Covid-19 virus has left millions of people struggling with their finances.

One of the measures taken by the Government to ease this pressure was to offer mortgage holidays to those struggling with repayments.

Following the announcement in Mid-March, 1.8 million homeowners have taken a mortgage holiday. Whilst this has undoubtedly relived some of the pressure, for many cost-cutting will need to go much further.


So what more can be done to maximise your mortgage payment holiday? 

Don’t just cancel direct debits

The agreed break you have taken from your mortgage payments won’t count against your credit score, but cancelling other direct debits or credit card payments without first speaking to your bank or lender will have an impact on your records.

Maintaining your direct debits is a good way of showing lenders you are responsible with your money. Whereas cancelling a scheduled payment will register as a missed payment and can significantly impact your credit score – even if it’s only by a day or two.

Cancel or change subscriptions provisionally

We know Netflix and Spotify might appear at the top of our list of pleasures at the moment, but it’s a good idea to review your subscriptions and consider cancelling any you don’t desperately need or use at the moment.

Try and categorise your subscriptions by type, and limit to one of each, which might force you into some hard decisions (Netflix or Disney+?) but it will help keep entertainment outgoings to a more manageable rate.

If cancelling is not an option, try finding a non-premium or cheaper membership deal, which might also save you a couple of pounds a month.

Don’t be tempted by buy now pay later

Payment services like Klarna might be something you’re tempted to try to tide you over in times like these. While they seem like an easy way to split or delay payments on those non-essential items – especially when your cash is limited – this can make it much easier for you to splash out on items you can’t afford.

In worst case scenarios, being over reliant on such services can result in users racking up unaffordable amounts of debt that risk damaging financial wellbeing and permanently scarring credit scores.

Switch energy providers

If you’re one of the people who never switch providers, now might be the time to take the plunge. Switching websites and apps have developed quick and easy ways of identifying better deals for you, as well as making the switching process as convenient and hassle-free as possible.

So whether it’s your gas and electric, or your monthly phone bill, taking the time to consider your options could save you more than you think.

Touch base with a local Mortgage Adviser 

The important thing to note here is that if you’re having significant trouble with your finances and are concerned about what will happen when you mortgage holiday ends, speaking to a mortgage professional could truly help ease your concerns. Mortgage brokers like Just 4 Mortgage aren’t just there to process an application on your behalf, but to provide you with access to impartial advice that a single lender would not be able to.


You can book a free Initial Consultation at with our Nottinghamshire team who will be able to talk you through your specific circumstances remotely. We will be able to advice you on the best course of action to take without you needing to make any commitments there and then!

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