One in six homeowners with a mortgage across the UK have taken advantage of mortgage payment holidays and the Financial Conduct Authority (FCA) has confirmed the support has been extended for a further three months.
If you have not yet taken a payment holiday, you have until the end of October to ask for one. If you are worried about making your mortgage payments, the first step is to speak to your lender. As well as taking a full payment holiday, an option to make reduced payments might be preferable.
Taking a payment holiday will not reduce the capital you owe, nor will interest stop accruing. A payment holiday may not be the right choice for everyone and you should only apply if you need one.
Contact us today for advice on what options may be available to you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.