UK government to extend mortgage payment holidays

Financial Times has published a report in which they assure that the UK government will extend the mortgage payment holidays. The report mentions that Chancellor, #rishisunak is in talks with the UK banking sector to carry out this extension.

The mortgage payment holidays could be extended for one or two months

Money.co.uk personal finance expert, Salman Haqqi, said: “When the mortgage payment holidays launched, it was a great relief to homeowners, many of whom had their finances affected by the #coronavirus ”

“The scheme was very well received among the UK population, one in nine people made use of the #mortgage payment holidays, so it would not be something crazy for the government to decide to extend the scheme for a month or two.”

“An official announcement has not yet been made, many companies are still closed and it is impossible to determine the full extent of the losses. But the extension of the scheme would be something very positive for everyone.”

“It doesn’t mean they shouldn’t pay”

To date 1.6 million people in the UK have benefited from the mortgage payment holidays. Until a new extension is announced, the scheme is scheduled to last until the end of October.

Haqqi also said: “It is important to remember that this doesn’t mean that people should not pay, those payments accumulate during this period, but must be paid once the #Coronavirus measures are withdrawn.”

“This means that once they start paying again, perhaps they will see a slight increase in their payments, in addition to the interest. The scheme helped us during these difficult times, but after everything happens, it is necessary to catch up on the payments.”

“Although the mortgage payment holidays have been a relief, it is necessary to learn from this experience, both the #government and the population of the United Kingdom must be prepared for new scenarios in the future. In the meantime, we can be satisfied with the performance of our #government during this crisis.”

https://www.youtube.com/watch?v=pxqEdRTCohQ

The United Kingdom has been one of the countries that have best known how to deal with the Coronavirus crisis. The government has been progressively launching economic measures to minimize the impact that COVID-19 has had on the UK economy.

The Mortgage Payment Holidays Scheme joins the Coronavirus Job Retention Scheme and Small Business Bouncing Back Loans Scheme, measures that seek to help the population endure this harsh crisis.

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