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<p>Following the Coronavirus outbreak, the Government worked quickly with lenders
and financial regulators to give people access to payment holidays on their mortgages.
This gives customers a much-needed respite period, where no repayments on these products
are due. It was necessary to bring this temporary measure in, in order to give customers
time to smooth out their finances that may have taken a hit by the pandemic.</p><p>
</p><p>The FCA published guidance on mortgage payment holidays on 14 September setting
out that firms should continue to provide support through tailored forbearance options
for those borrowers that are facing ongoing financial difficulties. This could include
granting new mortgage payment holidays. The FCA guidance also notes that lenders should
take into consideration borrowers’ circumstances regarding local lockdown restrictions
including not proceeding with repossessions where borrowers are in areas of lockdown
or self-isolating.</p><p> </p><p>The FCA and I are in frequent discussions with mortgage
lenders regarding the ongoing support to mortgage consumers during this difficult
time.</p><p> </p>
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