One in six homeowners with a mortgage across the UK have taken advantage of mortgage payment holidays and the Financial Conduct Authority (FCA) has confirmed the support has been extended for a further three months.
If you have not yet taken a payment holiday, you have until the end of October to ask for one. If you are worried about making your mortgage payments, the first step is to speak to your lender. As well as taking a full payment holiday, an option to make reduced payments might be preferable.
Taking a payment holiday will not reduce the capital you owe, nor will interest stop accuring. A payment holiday may not be the right choice for everyone and you should only apply if you need one.
Your home may be repossessed if you do not keep up repayments on your mortgage
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Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.