Podium Solutions, a joint venture between MoneySuperMarket and Podium, has launched a payment holiday calculator for use by lenders, charities and consumer organisations.
Users can enter details regarding their mortgage provider, type of mortgage, monthly payment amounts and the length of the payment holiday they wish to take; the tool will then estimate the increase in their monthly payments following the holiday.
The branded tool will be made available for free on MoneySuperMarket’s site, and lenders will have the opportunity to customise it for their own use.
James Sadler, co-founder of Podium, said: “I have been speaking to many lenders about the impact of COVID-19, and the resulting mortgage payment holiday.
“They have been inundated with calls from consumers asking to explain how it works and the ongoing impact to their mortgage payments.
“We wanted to create a simple tool which would help consumers understand the longer-term impact of taking a payment holiday before contacting their lender.”
Mark Gracey, corporate development director at MoneySuperMarket, added: “We know that the coronavirus crisis is taking its toll on the finances of UK households, so it’s no surprise that many homeowners will be considering the option of a mortgage holiday.
“It can be difficult to understand exactly what a mortgage holiday could mean further down the line once the term comes to an end.
“With mortgage providers wanting to keep their phone lines open for their most vulnerable customers, we hope that this tool will help people understand whether a mortgage payment holiday is for them before they call their provider.
“We’re offering the calculator for free to any organisation which wants to provide the service to the public, so we can help as many people as possible.”