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Mortgage Payment Holiday To Be Extended

published on 01/11/2020  

Following on the weekend news of a second national lockdown there's some key news that estate agents will remain open  for business.

There are also additional updates that the government has made available, others are likely to follow in the coming days.

This includes an extension to the owner occupiers’ and landlords’ mortgage holiday; and an extension of the furlough system. Both are being extended until at least the scheduled end of the latest lockdown, which is December 2.

An announcement is expected from the Financial Conduct Authority today relating to the extended mortgage holiday, which began in the spring and should have finished on Saturday October 31 - just 48 hours ago. It is thought likely that the extension will be for another six months.

Under the old system, owner occupiers and landlords who needed help were able to request a payment holiday until October 31 - this is now to be extended, along with the corresponding ban on repossessions.

As before, future mortgage payment holidays and partial payment holidays under this government initiative will not have a negative impact on credit files.

In the meantime the housing market will remain open.

Mark Hayward, chief executive of NAEA Propertymark, says: “It is essential all agents continue to play their part in reducing the spread of the virus through following all relevant guidance. Agents must operate in accordance with government and Propertymark guidelines, to keep the market moving through these uncertain times.” Tags: Mortgage, Payment Holiday, Extended