Article preview: Mortgage lenders have granted more than 1.6 million mortgage payment holidays. Borrowers facing financial difficulties due to the coronavirus pandemic can apply for a mortgage payment holiday of up to three months, deferring payments during this time. The latest figures from trade body UK Finance show a significant takeup for these mortgage payment holidays, with one in seven mortgages now taking advantage of the scheme. It means that, for the average mortgage borrower, £755 a month of suspended mortgage payments.
Mortgage payment holidays granted for 1.6 million borrowers
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This 631-word blog post reports on progress with the mortgage payment holiday scheme and some considerations for borrowers. Written on 29th April 2020.
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