November 2020 – Mortgage Payments

The government has announced that COVID-19 mortgage payment holidays will continue to be available beyond 31 October 2020.

First announced by the Chancellor on 18 March 2020, the payment holidays had initially been available for three months, but were extended by a further three months in June 2020. However, homeowners that have not yet had a payment holiday but who experience financial difficulty will still be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

However, anyone thinking of taking a payment holiday should seek independent financial advice before making an application so that they are sure that this is the right option for them and that they are fully aware of the longer term costs.

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