Covid Mortgage Payment Moratorium.

[Brewster67]

Does anyone know if the Covid Mortgage Moratorium also stopped the banks from adding interest?

 

I ask because i took advantage of the mortgage holiday to sit out bringing money into Thailand while the GBP is rising against the Baht. But now thinking of it, I am wondering if this moratorium froze the bank's ability to keep letting the interest pile up on the outstanding balance.

 

Because if they have, then this will not have been helpful when in October mortgages become payable again and all those who have not paid their mortgages will see their monthly payments will have increased. There will be a lot of angry people out there who thought they just pick up where they left off.

 

Cab anyone shed any light on this???

[Pib]

You really need to ask the bank you have the mortgage with as I expect each bank's COVID policies are different.  And it's my understanding a person needed to apply; a person did not automatically receive deferment of principle/interest or whatever the bank was offering for COVID related loans assistance. 

 

Everything I've read is principal/interest could be "deferred" if a person applied to their bank and the bank approvedthe person's application.  I havent seen anywhere that banks "forgave" principle and/or interest payments for X-months; instead they were just deferred X-months depending on each bank's policies.

 

 

Below news article talks how polices/offering varied amount Thai banks.

Banks postponing debt payment to help customers and avoid defaults

https://www.thaienquirer.com/10497/banks-postponing-debt-payment-to-help-customers-and-avoid-defaults/

 

 

And below is from a Bangkok Bank webpage

https://www.bangkokbank.com/en/COVID19-Update

 

Quote

 

Mortgage loans and home equity loans

 

• Customers can apply to defer payment of principal and interest for three months or 
• Customers can apply to defer the payment of their principal (paying interest only) for three months or 
• Customers can apply to extend their payment period with reduced principal and interest installments.

 

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