More than 1.2 million mortgage payment holidays have been provided to homeowners whose finances have been hit by coronavirus.
This equates to around one in nine mortgages across the UK now being subject to a payment holiday, UK Finance said. For the average mortgage holder, the payment holiday amounts to £260 per month of suspended interest payments.
For a mortgage where chunks of the amount borrowed and interest are normally being repaid, the average payment holiday equates to around £775 of deferred payments each month.
Lenders announced on March 17 that they would support customers facing financial difficulties due to the Covid-19 crisis. People who are struggling to make their payments as a result of being furloughed, having their pay