If your income is affected by coronavirus and you are worried about paying your mortgage, speak to your lender as soon as possible.
Mortgage lenders are currently allowing borrowers to apply for a 3 month payment holiday. You can ask for this at any time until at least 31 October. Be aware that this option may mean your monthly mortgage payment goes up after the payment holiday ends. For more information on how to apply, see the Money Advice Service guide.
If you have already had a mortgage payment holiday due to coronavirus, and the 3 months is now coming to an end, your lender should be in touch with you to talk about how you can start up payments again. If you still think you are going to have payment difficulties because of coronavirus, your lender may offer to extend the payment holiday by a further 3 months. Lenders are being encouraged to treat their customers fairly in this situation.
Many lenders have also announced extra help for borrowers including :
- not adding fees for late payments
- switching to a lower interest rate.
Click here to find out what support your lender is giving.
Check if you have insurance that will cover your mortgage payments instead. For example, mortgage payment protection insurance or through your bank account.