September 4

Regulator extends mortgage payment holiday ahead of lockdown

first_imgMonday 2 November 2020 8:42 pm Some 2.5 million people have already taken a payment holiday on their mortgage since March, according to figures from industry body UK Finance. Borrowers who have not yet had a payment holiday lasting up to six months, while those who have an initial deferral will be eligible for another payment for up to three months. Angharad Carrick The FCA is also proposing that no one will have their home repossessed without their agreement until after 31 January 2021. For buy-to-let mortgage owners, the process may be harder as the holiday regulations are not covered by the FCA, however, landlords with tenants who have been financially affected by the pandemic may be covered. Also Read: Regulator extends mortgage payment holiday ahead of lockdown Debt reprieve Share For buy-to-let mortgage owners, the process may be harder as the holiday regulations are not covered by the FCA, however, landlords with tenants who have been financially affected by the pandemic may be covered. The furlough scheme, which sees the government pay 80 per cent of employees’ wages, has been extended for another month. And the government has extended applications for its coronavirus business support loan schemes. The financial watchdog has proposed an extension of the mortgage payment holiday for borrowers struggling to make payments, ahead of a second national lockdown. “It is in borrowers’ own long-term interest only to take a payment deferral when absolutely necessary. Those that are able to keep paying, should do so. This allows support to be targeted to those most in need.” It comes as the Chancellor Rishi Sunak outlined further support for businesses today following the Prime Minister’s lockdown announcement over the weekend.center_img Sheldon Mills, interim Executive Director of Strategy and Competition at the FCA said: “Tailored support will still be offered and remains the most appropriate option for many borrowers, but we are proposing to extend payment deferrals for additional support. We also want to make sure no one has their home repossessed during this time.” The FCA has also extended payment holidays on credit cards, car finance, personal loans and pawnbroking. As with mortgage holidays, consumers who had not yet had a payment deferral under guidance issued in July would be able to request payment holiday lasting up to six months.  Applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now be open until 31 January, the Treasury said.  whatsapp More From Our Partners ‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Regulator extends mortgage payment holiday ahead of lockdown The regulator has asked borrowers not to contact their lender until the enhanced measures are in place. Under the proposals, consumers would have until 31 January 2021 to apply for a payment holiday. The Financial Conduct Authority (FCA) has set out proposals to support consumers through a second lockdown. whatsapp Show Comments ▼ For buy-to-let mortgage owners, the process may be harder as the holiday regulations are not covered by the FCA, however, landlords with tenants who have been financially affected by the pandemic may be covered. Also Read: Regulator extends mortgage payment holiday ahead of lockdown Tags: UK house priceslast_img

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Posted September 4, 2021 by admin in category "pleobtqor

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