The Chancellor announced yesterday (17/3/2020) that he had agreed with UK banks that any homeowner struggling to meet their mortgage payments due to the impact of the Coronavirus will be able to apply for a 3 month mortgage holiday from their lender.
As of writing, there isn’t much in the way of detailed information from any of the lenders. We will be updating this page as and when more information becomes available but for now, this is what we know:
Stephen Jones, CEO of UK Finance – the collective voice for the banking and finance industry said yesterday:
“Mortgage lenders will support customers who are experiencing issues with their finances as a result of COVID-19 and the options include a payment holiday of up to three months.”
“Monthly mortgage payments tend to be the largest outgoing for the vast majority of households and lenders are keen to reassure homeowners that the industry is working hard to put measures in place to support them during these uncertain times.”
“Customers who are concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss if this is a suitable option for them.”
So what does this mean in practical terms?