What are your options after the mortgage payment holiday deadline?

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EDIT and UPDATE: Please note that since this article was written in October, the November lock down was announced and the FCA has proposed new payment holiday deadlines for borrowers of 31st January 2021. Please use the link at the bottom of this article to see the latest information.

On the 31st October, an agreement between the Financial Conduct Authority and mortgage providers to provide payment holidays when requested by customers, comes to an end. Borrowers can still request help from their provider if they’re in difficulty, however the approach lenders will take may be different.

The Financial Conduct Authority has provided guidance to lenders on how they should provide ‘tailored support’ after 31st October, however, from the 1st November this will be marked on borrowers’ credit file, and lenders will not be under an obligation to continue with the same level of support as they may currently be providing.

If you are experiencing difficulties and need support with your mortgage, please speak to your mortgage broker or lender as early as possible.

All of the latest information and guidance from the Financial Conduct authority can be found on their web site:

https://www.fca.org.uk/consumers/mortgages-coronavirus-consumers

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