COVID-19 mortgage payment holidays to continue to be available beyond 31 October 2020

Change follows speech from Prime Minister this evening in which he announced new restrictions across England to help combat coronavirus

The government has announced that COVID-19 mortgage payment holidays will continue to be available beyond 31 October 2020.

First announced by the Chancellor on 18 March 2020, the payment holidays had initially been available for three months, but were extended by a further three months in June 2020. Also in June 2020, the Financial Conduct Authority issued guidance confirming that homeowners that had not yet had a payment holiday but who experienced financial difficulty would have until 31 October 2020 to request one.

However, following a speech this evening, in which the Prime Minister announced new restrictions across England to help combat coronavirus, the government has confirmed that -

'Mortgage payment holidays will no longer end today. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.'

The government added that the Financial Conduct Authority will announce further information on Monday 2 November 2020.

For more information, see Furlough scheme extended and further economic support announced from gov.uk