Mortgage payment respite extended to October

Whilst the government has given the go-ahead for the Housing Market to resume activity, there remains to be a great number of industries still on pause. This means that many people are still feeling the financial burden of the Lockdown, whether that’s due to being furloughed, out of work or otherwise. This has raised many questions on how people are meant to pay their mortgages. Questions which The Chancellor, Rishi Sunak, has been discussing.

The government had originally introduced the mortgage break scheme in March, which allowed people the opportunity to defer payments without it affecting their credit ratings. Since this was put into place, over 1.6 million people have benefited from the relief, saving an average of £755 a month (source: UK Finance).

With the scheme originally planned to last for three months, the first applicants would see an end to the respite in June. With this, the Government has since extended the scheme by an additional three months until the 31st of October. Whilst this is great news for those affected by the Lockdown, it still remains that the cost of these missed payments will be spread across the rest of the terms of your loan.

Miles Robinson, the Head of Mortgages at Trussle, commented:
"If you’ve taken a mortgage payment holiday, it’s important to note that once the mortgage payment holiday is up, your monthly payments will increase slightly.
“It’s definitely worth considering whether taking a mortgage payment holiday is a necessity or if taking an alternative route, such as remortgaging could be more beneficial in the long run”

All this talk about mortgage holidays have you confused? Whether you want to find out more about the government’s mortgage break scheme, or interested in taking an alternative route, our Financial Team can offer you unbeatable expert advice on your current financial position. Find out more.

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