London Mayor calls for restoration of mortgage payment holidays

Mayor of London Sadiq Khan has urged ministers to reinstate mortgage payment holidays to ease the financial burden on homeowners amid soaring inflation rates. Mr Khan also called for the reintroduction of the Mortgage Rescue Scheme which, prior to 2014, allowed households struggling with mortgage repayments to stay in their homes by selling them to social landlords and continuing to live there as tenants. He said this would be the “right and proportionate approach” to tackling the ongoing crisis which “is only going to become more significant and dangerous”, adding: “Many London homeowners already face sizable monthly mortgage payments, alongside rising costs and stagnant wages. With re-mortgaging rates now hitting levels not seen in more than a decade due to the economic chaos created by this government, it is essential that ministers act to ensure Londoners do not pay the price by losing their homes". 

Evening Standard (07/11/2022)