Mortgage Holidays Extended

Following today’s announcement by Boris Johnson that England is to be put back into lockdown for a month from Thursday 5 November 2020, it was also announced that Mortgage Holidays, that were due to end today, will also be extended.

Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

This extension applies UK wide and not just to England.

The FCA will announce further information on Monday.

The information in this blog provides only an overview of the guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed guidance and legislation or seeking professional advice.  Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.

Photo by Tierra Mallorca on Unsplash