Britain's biggest lenders have revealed how they are going to implement the Government's promise of "payment holidays" for thousands of households affected by the coronavirus crisis.
UK Finance, the trade body for the major banks, said there will be a 'fast track' system for approval, but not everyone will be granted a so-called mortgage break.
The three month term - which has been initiated for those at risk of debt during the pandemic - will mean payments are 'paused', with the 90-day period added to the end of your total mortgage term.
During this time, interest will still be accrued, but individual credit ratings will not be affected. "Firms will help customers the best way for the individual, but an automatic payment holiday may not