FCA extends mortgage payment deferrals to six months

Essex Home Finance
The FCA has announced that lenders will extend the provision of mortgage payment deferrals of up to a maximum of six months.
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The FCA has announced that lenders will 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 over the weekend.

Under the amendments, mortgage borrowers who have not yet had a payment deferral can request one for up to six months and borrowers who already have a payment deferral for a period of less than six months would be able to extend that deferral.

In its statement, the FCA said said customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information after 2nd November on how to apply for this support.

The FCA is expected to make a further announcement later today.

Eric Leenders, managing director of personal finance at UK Finance, commented: “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 2nd November on how to apply for this support.”

Robin Fieth, chief executive of the Building Societies Association (BSA), added:“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.”

Original Article from Financial Reporter 02/11/2020

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