The mortgage payment holidays are extended until July 31 of the next year

Mortgage lenders have extended mortgage payment holidays to July 31, 2021, for those whose finances have been affected by the pandemic.

Individuals have until March 31, 2021, to submit their application, while they must do so before January 31 to get a six-month deferral.

Those who have already taken a six-month pay vacation period are not eligible and will need to contact their lender for “personalized support.”

“Lenders continue to support citizens in need.”

Eric Leenders, UK Finance Managing Director of Personal Finance, said: “Lenders continue to provide unprecedented levels of support to help clients overcome the Covid-19 crisis, with more than 2.6 million mortgage deferrals already granted.”

“As the impact of the pandemic continues to be felt across the country, the banking and financial industry stands ready to provide ongoing assistance to those in need.”

“While it will always be in the long-term interest of clients who can get them to resume payments, all lenders will provide one-on-one support for anyone still struggling.”

“There are a variety of different ways to get in touch, including through online chat, social media, and banking and mobile apps.”

“As you will appreciate, the phone lines are very busy at the moment, and we recommend that only those customers facing an immediate problem with their finances call their provider in the first instance.”

Lenders will not foreclose or attempt to obtain a warrant for possession before January 31, 2021.

“It is essential, to be honest about your financial situation when requesting an extension.”

Robin Fieth, executive director of the Building Societies Association (BSA), said: “While the best advice is always to pay your mortgage if you can, anyone who is having difficulty doing so could benefit from the extended mortgage deferral scheme or other personalized support that is available through lenders.”

“It is important that clients discuss their situation with their lender as soon as they are concerned and before they default on the mortgage. Lenders will do everything in their power to help borrowers who are struggling financially at this difficult time; the goal is to keep people in their homes.”

“The FCA has been in listening mode during the pandemic, and its final guidance includes industry suggestions, specifically the ability to recharge up to six months even if a borrower has already had two shorter deferment periods and without excluding borrowers who they have not made a payment after a plan deferral period.”

HICH LTD has revolutionized the property survey market since day one! Are you looking for a roof, structural, or bespoke survey? Request it here!

Follow us on our social networks to keep up to date with the most relevant property market news, tips for being a responsible homeowner, and much more!

Twitter: @HichLTD

Facebook: HICH-LTD