Speaking to a mate of mine who is Real Estate agent, he says he know loads of people who deferred mortgages that didn't need to just to build up their offset account. Which I guess is a zero sum came as interest continues to be charged, offset increases by the equal amount that would have been paid off the principal had payments continued...
But what it says to me is that the risk of default is potentially lower than it seems with some 100k people still on deferred payments.
Does anyone know what criteria you need to provide banks to have deferred payments? i.e. proof of loss of job?
