The government announced last week that there would be ongoing help for homeowners faced with the prospect of struggling to pay their monthly mortgage payments.
The original three month mortgage holiday was first introduced back in March this year and over 1.8 million mortgage payment holidays were applied for.
With the ongoing Covid-19 pandemic still restricting many people’s income, the government has extended the period in which to apply for the payment holiday until 31 October 2020. This is not an automatic payment holiday for borrowers and applications must be made to their lender.
It is important to remember that the amounts due under your mortgage, if granted the mortgage payment holiday, remain payable in the long run, with interest accruing at the agreed rate.