Coronavirus 1 in 9 Mortgages on Holiday

Published / Last Updated on 13/04/2020

Mortgage lenders have given payment holidays to 1 in 9 mortgages held in the UK which equates to more than 1.2 million mortgages.

For the average mortgage holder the payment holiday amounts to £260 per month in suspended interest payments.

Between 25th March and 8th April 2020, data showed that the amount of mortgage payment holidays in place more than tripled from 392,130 to 1,240,680.

Chief Executive of UK finance Stephen Jones said: “Mortgage lenders have worked closely with homeowners through this difficult time and continue to through the over coming months”.

He continued: “Lenders have granted a 3-month payment holiday to almost ¼ of a million homeowners that are under pressure during the current crisis and allow them breathing space”.

Comment

There are so many people out of work that are unable to seek real help, in particular people with their own businesses, or indeed people who are waiting for final help, so it is unsurprising that many mortgages are now on holiday.  Do not forget though, you must make arrangements to make up any arrears.

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