Mortgage Payments Holiday
The FCA has issued new guidance to lenders in relation a Mortgage Payment Holiday, which makes it clear that lenders should:
- Grant customers a payment holiday for an initial period of 3 months, where they may experience payment difficulties as a result of coronavirus (Covid-19) and where they have indicated they wish to receive one;
- Ensure that there is no additional fee or charge (other than additional interest) as a result of the payment holiday.
The guidance also sets out the steps lenders should take to ensure that the payment holiday does not have a negative impact on the customer’s credit score.
For further information in relation to this scheme, and how to apply for same, please click on this link: https://www.fca.org.uk/consumers/mortgages-coronavirus-consumers
More information on all above is also available from the National Federation of Self Employed & Small Business using this link: https://www.fsb.org.uk/campaign/covid19.html