The government is stimulating the country through these uncertain times with a variety of different measures to assist everyone negatively affected. Which is great for those who need it.

But should we blindly jump on these?

One of the measures is the payment holidays of 6 months that are offered by the majority of banks. Let’s look at that with a financial mindset. Do you intend to buy property in the future? Are you looking at refinancing for a lower rate? Are you looking at renovating your home or investment property? Do you need an equity release? Are you planning for a margin loan, a loan to purchase shares or a car loan perhaps?

If your answer is yes to any of those questions, you may want to do what you can to avoid applying for that payment holiday. How do you think a future lender will look at your finance application when they see you kept paying your mortgage in these uncertain times? If your finance application is a tight one, the decision may very well end up in your favour.