Banks and building societies agree with regulators to extend mortgage holidays

by Property118.com News Team

11:37 AM, 2nd November 2020
About a month ago

Banks and building societies agree with regulators to extend mortgage holidays

Make Text Bigger
Banks and building societies agree with regulators to extend mortgage holidays

Banks and building societies have agreed with regulators and HM Treasury to extend the provision of mortgage payment deferrals of up to a maximum of six months in the light of the tightened Covid-19 restrictions announced by the Prime Minister this evening.

Customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information after 2 November on how to apply for this support.

Eric Leenders, Managing Director of Personal Finance at UK Finance, said:  “Lenders are providing unprecedented levels of support to help customers through the Covid-19 crisis and stand ready to deliver ongoing assistance to those in need. The industry is working closely with the Financial Conduct Authority to ensure customers impacted by the new lockdown measures announced this evening will be able to access the most appropriate support. Customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information after 2 November on how to apply for this support.”

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.”


Share this article

Twitter Facebook LinkedIn

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Latest tier restrictions are a pretty blatant attack on less wealthy areas of the country

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More