Further support for Mortgage Borrowers
The second Lockdown was announced by the Prime Minister on 31st October 2020 in order to help halt the progress of Covid-19. In response to this, the FCA is proposing to extend the support for Mortgage Borrowers who have been financially impacted by Covid-19.
Adam Nanson from Your Mortgage Expert in Salisbury comments:
“This proposal to further support for Mortgage Borrowers by the FCA will be welcomed by many borrowers. Some may be worried about paying their mortgage due to the financial impacts of Covid-19.
“If the proposals are accepted, borrowers will be eligible if they have not yet used their full two payment deferral period of up to 6 months. If they haven’t taken a payment break at all, they will be eligible for either two payment deferrals of up to six months in total. And, those who are currently using a three month deferral or have already used a three month deferral, will be eligible for a further three month deferral.
“The intention is to publish guidance as soon as possible after 5th November 2020.
“Lenders will not record on your credit file whether you have taken a mortgage payment holiday. Despite this, it doesn’t mean that access to future credit will be unaffected. We would therefore advise customers to only use this scheme if they really need it.”
How Can Your Mortgage Expert help?
For mortgage customers, we are here to help. If you are interested in having a no obligation chat about your mortgage or about any of the questions we have raised in this article about Covid-19 and your mortgage, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Neither Your Mortgage Expert Ltd nor TenetLime Ltd cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
*Source Tenet Research Bulletin