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.
The availability of a three month mortgage holiday was first announced in March as part of a 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.
To give people the certainty they need, they will be contacted by their lender to discuss a way forward. Where consumers can afford to re-start mortgage payments, it is in their best interest to do so. However, 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The Financial Conduct Authority has published new draft guidance on Wednesday (27 May) for lenders which will set out the expectations for firms and the options available to their customers.
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