Mortgage holiday scheme extended

The government has confirmed that homeowners who are still unable to pay their mortgage because of the COVID-19 crisis will now be eligible for a further three month repayment holiday. An initial three month mortgage holiday scheme was set up in March and ministers have now decided to extend it. The deadline for applying for an initial repayment break is also being extended to October 31. However, where people can afford to restart payments they are being encouraged to do so, even if it is not for the full normal monthly amount. “We’re doing everything we can to help people with their finances at this difficult time, and that includes making sure people get the support they need with their mortgages,” commented John Glen, the Economic Secretary to the Treasury. Meanwhile, experts warn that those who opt for the full six-month break could pay £948 in extra interest over the term of their loan.

Daily Mail (22/05/2020)  The Guardian, (22/05/2020)   The Times (22/05/2020)