Britain experts Government crisis Britain

Coronavirus 'mortgage holidays' - expert answers all your questions

Reading now: 322
www.mirror.co.uk

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

Read more on mirror.co.uk
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA