In response to coronavirus, Koodoo and partners have launched a free digital tool to help consumers understand and apply for mortgage payment holidays.
The tool provides access to content and FAQs related to mortgage payment holidays.
It also supplies information on understanding a lender’s guidance on mortgage payment holidays.
Additionally, a user is able to select how long they would like a payment holiday for and a personalised illustration will detail what their payments will look like for the next three months, how they will increase after the payment holiday relative to what they pay now, and what the overall cost of this is.
Furthermore, the tool provides an option for a user to apply for a payment holiday with their lender.
Koodoo is working with ClearScore, Compare The Market, Money.co.uk, The Times, Which? And Confused.com to make it available to their audiences
The tool is currently hosted on mortgageholiday.co.uk, however, Koodoo is making it available for partners to use on a white label basis as well as embedded in their own sites.
Koodoo is also developing a tool for lenders to use to support customers at the end of the holiday, which it is collaborating with banks and building societies on.
Seb McDermott, chief executive and co-founder, at Koodoo said: “At this difficult time, it’s vital that consumers have the support they need to make the right decisions about their mortgage and understand the options available from their lender.
“We mobilised the Koodoo team and digital mortgage platform to help and have been overwhelmed by the support we have received from lenders, consumer sites, brokers and the fintech community.”