Mortgage holiday scheme is extended for a further three months

The government has announced that homeowners who are still unable to pay their mortgage because of the coronavirus crisis will now be eligible for a further three month repayment holiday.

The initial three months, the mortgage holiday scheme was set up in March, however, ministers have now decided to extend it due to lockdown measures still in place and the UK economy still spiraling.

More than 1.8 million mortgage payment holidays were taken up by consumers when the scheme was first announced. 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.

But the option of a further three month holiday will be available to people who are struggling and need extra help, giving them a six-month break from payments.

Mortgage-holders will be contacted by their lender to discuss the best way forward.

 

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