mortgage payment holiday extension

your mortgage payment options moving forward

One of the highest praised schemes brought into effect by the Chancellor during the height of the pandemic was Mortgage Payment Holiday’s. With job losses a real fear on everyone’s mind and the thought of the economy coming to a standstill, it’s important to consider how you will maintain your financial commitments moving forward, namely your mortgage payments.

The scheme was due to end Saturday 31st October, however…

The FCA have now advised that borrowers can pause their repayments for up to 6 months.


What are your options?

• If you haven’t yet taken a mortgage payment holiday, you can request from your lender a pause in re-payments for up to 6 months.

• If you have already taken 3 months mortgage payment holiday but you would like to extend this to 6 months, you should get in touch with your lender to request this option.

• If you have already paused your mortgage repayments for 6 months this year, and you’re worried about affording the repayments moving forward, you should contact your lender to see what further support they have available.

It’s important to understand that although banks/lenders might have solutions available to support you with your mortgage, you should still obtain mortgage advice so that you fully understand what options fit with your personal circumstances.

To book a discovery chat with one of our friendly advisors, please do give us a call 01633 987070.