Homeowners and those with buy-to-let mortgages who are impacted financially by the coronavirus, will be able to request a mortgage payment holiday of up to three months. The Financial Conduct Authority has advised that lenders should grant mortgage holidays regardless of customers’ circumstances and should have no negative impact on credit scores.
The Government will look to review this guidance in three months.
It is highly advised that you speak to your mortgage provider as soon as you suspect you may have difficult in paying. We would also recommend asking how this may impact on your repayments when the holiday is over.
If you have been overpaying your mortgage, your provider may allow you to reduce your repayments in line with the reserve you have built up.