Govt. extends mortgage break scheme until October

The Government has extended a scheme that enables homeowners affected by coronavirus to take mortgage payments holidays.

Chancellor Rishi Sunak announced in March that mortgage borrowers would be entitled to payment holidays, initially lasting three months.

With that date fast approaching, however, homeowners can now defer mortgage repayments until 31 October 2020.

Figures from UK Finance showed 1.82 million mortgage borrowers in the UK had taken up the option of a repayment holiday.

That equates to around one in six of all mortgage borrowers in the UK.

Stephen Jones, chief executive at UK Finance, said:

"Mortgage lenders are committed to providing those borrowers nearing the end of their three-month payment holiday with help and flexibility.

"The extension of the availability of payment holidays until 31 October 2020 will provide much-needed breathing space for borrowers who need it.

"A payment holiday may not be the right choice for everyone, and borrowers should only apply if they need one."

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