Mortgage lenders have extended mortgage payment holidays until 31st July 2021 for those whose finances have been affected by the pandemic.
People have until 31st March 2021 to apply, while they need to do so before 31st January to get a six-month deferral.
Those who have already taken a six month payment holiday are ineligible, and will need to contact their lender for “tailored support” instead.
Eric Leenders, managing director of personal finance at UK Finance, said: “Lenders are continuing to provide unprecedented levels of support to help customers through the Covid-19 crisis, with over 2.6 million mortgage payment deferrals already granted.
“As the impact of the pandemic continues to be felt across the country, the banking and finance industry stands ready to deliver ongoing assistance to those in need.
To find out more about how we can assist you with your Mortgage requirements, please click here to get in touch
“While it will always be in the long-term interest of customers who are able to do so to resume making payments, all lenders will be providing tailored support for anyone who is still struggling.
“There are a range of different ways to get in touch, including through online chat, social media and mobile and banking apps.
“As you will appreciate, phone lines are very busy at this time and we would encourage only those customers who are facing an immediate issue with their finances to call their provider in the first instance.”
Lenders will not enforce repossessions, or attempt to get a warrant for possession before 31 January 2021.
Robin Fieth, chief executive of the Building Societies Association (BSA), said: “Whilst the best advice is always to pay your mortgage if you are able to, anyone who is struggling to do this could benefit from the extension to the mortgage payment deferral scheme or other tailored support that is available from lenders.
Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
“It’s important that customers discuss their situation with their lender as soon as they become concerned, and before they miss a mortgage payment. Lenders will do everything in their power to help borrowers in financial difficulty at this challenging time – keeping people in their homes is the objective.
“The FCA has been in listening mode throughout the pandemic and their final guidance includes industry suggestions, specifically the ability to top up to six months even if a borrower has had two shorter deferral periods already and not excluding borrowers who have missed a payment after a deferral period from the scheme.”
BY RYAN BEMBRIDGE
Source: Property Wire
Discover our Mortgage Broker services.