Date Published 28 May 2020
NEWS UPDATE - Mortgage payment holidays and repossession ban extended
Homeowners struggling to pay their mortgage because of coronavirus will be able to extend their repayment holidays by a further three months.
More than 1.8m payment breaks have been taken up since being offered in March, as part of measures designed to ease financial pressure from the Covid-19 outbreak on households.
With many mortgage holidays due to end in June, the government along with the Financial Conduct Authority (FCA) and Bank of England, have said borrowers will be able to extend the break by another three months until September.
However, homeowners who can restart repayments have been encouraged to do so.
The application period for a mortgage holiday will also be extended until 31 October so that customers who have not yet requested a holiday will be able to do so.
And the current ban on repossessions of homes will be continued to the same date.
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