NEWS


  • MP WELCOMES EXTENSION OF MORTGAGE PAYMENT HOLIDAYS

    Mel Stride

    CENTRAL DEVON MP Mel Stride has welcomed the Government's announcement that families or individuals whose finances have been affected by the coronavirus pandemic will be able to seek a further payment holiday. After the Government initially negotiated with lenders in March to offer customers a 3-month payment holiday, it has successfully negotiated again to extend this to 6 months. This means anyone  with a mortgage can contact their provider, advise them that their finances have been impacted by the pandemic, and request a payment holiday. Their provider should not ask for evidence of their financial position but should explain that the mortgage payments that would have been due are added to the lifetime of the mortgage so repayments will be higher after the holiday ends.

    Mr Stride said:

    "For most people mortgage or rent payments are their biggest monthly expense so seeking a payment holiday for up to three months or more could be a big help to the short-term finances of those whose income has been affected by the pandemic. I would though urge anyone considering taking on a mortgage holiday to think carefully about their decision not least because it does add to their level of debt and the mortgage will still need to be paid off through time."

    More than 1.8 million mortgage customers have taken advantage of payment holidays so far, saving someone with the average UK mortgage £755 a month.