Mortgage Payment Holidays set to End on 31 October

It is expected that Mortgage Payment Holidays will expire on 31 October 2020 (according to Britain’s financial watchdog). Even though many homeowners may be finding it difficult to pay their mortgage.

The Financial Conduct Authority (FCA) did extend the scheme in June for a further three months but it is looking unlikely that it will be extended again. This scheme allowed mortgage payers to delay payments if their income has been affected by COVID-19. The FCA have said that mortgage lenders should consider a number of alternatives to help mortgage payers in financial difficulty after 31 October 2020.

Christopher Woolard, FCA’s Interim Chief Executive has said that lenders should contact customers to construct a tailored mortgage plan before the payment holiday ends.

Since the scheme began in March in excess of 1.9 million people used the scheme. The end of this scheme is certainly worrying news for some homeowners where their income has been affected by the Coronavirus pandemic.

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