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.

How can we help?

At Hawsons we have a dedicated team of property and construction accountants at our offices in Sheffield, Doncaster, and Northampton. Having an accountant who understands the challenges of this dynamic sector and is able to help you plan for the future is an advantage in a competitive environment.

 

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Stephen Charles Partner

Stephen Charles

Tax Partner, Sheffield

0114 266 7141

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