HOMEOWNERS have sought mortgage payment holidays to ease the pressure on their finances caused by the COVID-19 outbreak, a leading financial association has revealed – ReadySteadySell™ – Trusted Home Seller Advice
More than 1.2 million holidays have been provided to property owners whose finances have been hit by coronavirus.
This equates to around one in nine (11.2 per cent) mortgages across the UK now being subject to a payment holiday, UK Finance said.
For the average mortgage holder, the payment holiday amounts to £260 per month of suspended interest payments.
Lenders announced on March 17 they would support customers facing financial difficulties due to the Covid-19 crisis.
People who are struggling to make their payments, perhaps because they have had a pay cut or their work has temporarily stopped due to Covid-19, can request a mortgage payment holiday of up to three months.
