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<p>Financial Conduct Authority (FCA) rules set out requirements that mortgage lenders
are expected to treat borrowers fairly and show forbearance when customers are in
financial difficulty. The Government has made sure that repossession is always a last
resort after other reasonable attempts to resolve the position have failed.</p><p>
</p><p>Banks and building societies are ready and able to support consumers impacted
by COVID-19. On the 17 March, the Chancellor announced on behalf of the sector that
banks and building societies will offer a 3-month ‘mortgage holiday’ for borrowers
that are financially struggling with their repayments. This forbearance measure will
enable affected borrowers to defer their mortgage payments for up to 3 months while
they get back on their feet. Customers who are concerned about the current financial
situation should get in touch with their lender at the earliest possible opportunity.</p>
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