Homeowners struggling to pay off their mortgage because of the corona virus may extend their payment vacation for another three months or start making reduced payments, the Treasury announced today.
The mortgage vacation application period now runs until October 31, so that those struggling during the coronavirus crisis can claim continued support.
Treasury Secretary, John Glen, said: “We are committed to helping people with their finances during this difficult time, as well as ensuring that people get the support they need with their mortgages. That’s why we with the banks and lenders to extend the payment holidays when people need it.
“Everyone’s circumstances will be different, so if homeowners can pay all or part of their mortgage, they’ll have to work on a plan with their lender, but if they’re still struggling, I want them to know there’s help.”