Help with mortgages to continue for homeowners affected by Coronavirus

mortgage

Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published today, May 22nd.

 

The availability of a three-month mortgage holiday was first announced in March as part of the package of support for individuals, businesses and the economy. Over 1.8 million mortgage payment holidays were taken up, and the first of these will be coming to an end in June. Lenders will now contact individuals to discuss a way forward. If people are still struggling and need help, a full extension of the mortgage holiday for a further three months will be available as one of the options open to them.

 

The Financial Conduct Authority (FCA) has published new draft guidance today for lenders which will set out the expectations for firms and the options available to their customers. This includes extending the application period for a mortgage holiday until 31 October so customers that have not yet had a payment holiday and are experiencing financial difficulty will be able to request one. The current ban on repossessions of homes will also be continued to 31 October.

 

For more further details go to: https://www.gov.uk/government/news/help-with-mortgages-to-continue-for-homeowners-affected-by-coronavirus