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Mortgage Holiday Extended By 3 Months

Mortgage Holiday Extended by 3 Months

Last month we discussed the arrival of the 3 month Mortgage Holiday – this month it’s being extended. The Government policy offering landlords and homeowners a pause on their payments has already been taken up by over 1.82 million people across the UK, equal to a total of 1 in 6 mortgages.

With guidance from the Financial Conduct Authorities (FCA) enforced on June 4th, the scheme offering relief to UK mortgage owners is being extended by a further 3 months. In brief, you can now apply for a Mortgage Holiday until October 31st 2020. You can apply for this relief at any time until this date even if you do not currently require this service, but you find your circumstances change.

With over 1.8 million mortgage owners across the UK taking up a payment holiday from lenders, it’s important to remember that whilst we have advised against it in the first instance, you can request an extension should you require it. While the lender should continue this support, if they feel it could incur other financial difficulties, they hold the right to refuse an extension. It has also been made clear that payment deferral is not available to customers who have had a payment shortfall prior to March 2020.

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