The application deadline will also be moved to the end of October. Last week, mortgage lenders announced that they would be offering mortgage payment holidays of up to three months to homeowners whose finances have been impacted by the coronavirus outbreak. Halifax and Nationwide have begun to contact borrowers regarding holiday payment extensions that were announced in late May. ", Coronavirus: Mortgage payment holidays extended by three months, Many homeowners are struggling to pay their mortgages during the virus outbreak. (This excludes payment holidays taken due to Covid-19) the amount you owe on your mortgage is less than 75% of the value of your home youve got a joint mortgage, everyone agrees to the payment holiday The scheme had been due to come to an end on Saturday. There had been reports that payment holidays could be extended to last for 18 months and that mortgage borrowers could be split into three groups. "Where consumers can afford to restart mortgage payments, it is in their best interests to do so. The FCA says that to minimise the impact of the coronavirus crisis, it has made sure that there is no negative [], The FCA has confirmed a raft of measures to support borrowers who need to take a mortgage payment holiday due to Covid-19-related issues. Our website usescookiesto improve your user experience. "While the break in payments will be a lifeline for some people, they should research all the options first, including extending their term to reduce monthly payments, seeing if they can switch to a lower rate or switching to interest-only for a period. The coronavirus pandemic has left many people faced with a significant loss of income. Visit our, to improve your user experience. When do you need to have applied? About changes to payment breaks. Mortgage repayment holidays. Research and insight Coronavirus mortgage offer extension Apply to extend your mortgage offer by up to 6 months Find out if youre eligible to apply for an extension to your mortgage offer if you cant complete your property purchase because of the coronavirus situation. Please subscribe below, We use cookies to personalize and improve your experience on our site. Only registered users can post comments. All rights reserved. It has, however, tempered this with a warning that those who can afford to resume payments should do so. The UK's largest mortgage lender, the Halifax, says the stamp duty holiday extension was welcome. In late 2020, the FCA extended mortgage holidays and affected savers can apply up until March 31. Halifax borrowers will be able to choose from, depending on their circumstances, an extension of up to three months, a part-payment holiday, which will see their payment amount reduced for the time span, the choice of making overpayments, be that through a lump sum or regularly, switching to a different type of mortgage, or extending their term. "We expect firms to work with customers on the best options available for them, paying particular attention to the needs of their vulnerable customers, and to provide information on where to access help and advice. They warned however that lenders can only agree to a payment holiday Extensions to payment holidays must follow straight on from the current one and must end by 31st July 2021. In total you can take a maximum of 6 months payment holidays. Any payment holiday extension offered after this date will stop on 31 July 2021, even if you havent reached the maximum of six months. 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