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Mortgage payment holidays extended for up to six months

Mortgage payment holidays are being extended for homeowners adversely affected financially by the pandemic. The scheme was due to come to an end on Saturday 31 October, but the government announced, as part of fresh lockdown restrictions in England, that borrowers who have not yet had a mortgage holiday can request from their lender a halt on mortgage payments, that can last up to six months. Those who have had their payments deferred already can extend their mortgage holiday until they reach the six-month limit.

Last week, a study by the Joseph Rowntree Foundation found that 1.6m households – or a fifth of all British mortgage-holders – were concerned about paying their mortgage over the next three months.

Borrowers that have already reached the maximum six-month mortgage holiday and are still facing difficulty making repayments are being advised by the FCA to speak to their lender about a tailored support plan.

Robin Fieth, chief executive of the Building Societies Association (BSA), said: “Building societies and credit unions recognise the financial pressures on some households and will continue to work hard to support customers in the coming months, working closely with the FCA.”

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