| answer text |
<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 issued guidance to all firms that engage in mortgage activities, this
includes all borrowers whose mortgage is in a closed book or owned by an inactive
lender.</p><p> </p><p>We were clear from the start, that anyone taking a one of these
payment holiday should not suffer a worsening arrears status.</p>
|
 |
