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3 June, 2020 Open access

Financial Conduct Authority confirms support that lenders should give to homeowners who are struggling to pay mortgage due to coronavirus outbreak

Updated guidance includes extension of mortgage holidays for three months and continuation of ban on lender repossessions until 31 October 2020

The Financial Conduct Authority (FCA) has confirmed the support that mortgage firms should give to homeowners who are struggling to pay their mortgage due to the coronavirus (COVID-19) outbreak.

In updated guidance - which comes into effect on 4 June 2020 - the FCA confirms that -

The FCA also says that, when implementing the guidance, firms should be particularly aware of the needs of their vulnerable customers and consider how they engage with them, and that, for customers who aren’t able to use online services (such as digital channels), firms should make it easy for customers to access alternatives.

For more information, see FCA confirms support for customers who are struggling to pay their mortgage due to coronavirus from fca.org.uk