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<p>For borrowers that have already taken a full six months payment holiday and who
continue to face ongoing financial difficulties, the FCA’s guidance sets out that
firms should continue to provide support through tailored forbearance options. This
could include granting new mortgage payment holidays. As part of this guidance any
forbearance granted beyond six months of payment holidays will be reflected on the
consumer’s credit file in the usual manner. As borrowers still requiring assistance
after that point could be in serious financial distress the FCA believe it is right
that lenders are able to understand their financial position in order to lend responsibly.</p><p>
</p><p>We understand this remains an uncertain time, and to reassure homeowners the
period that lenders cannot repossess homes for has been extended. The FCA’s guidance
released on 17 <sup> </sup>November sets out that lenders cannot issue a warrant for
repossession until after 31 January 2021.</p>
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