Mortgage payment holidays could last 12 months to help ease financial pressure on Brits
Mortgage borrowers may be granted payment holidays of up to 18 monthsAs of April 28, 1.6million payment freezes has been granted, according to banking trade body UK Finance - accounting for around one in seven UK mortgages.reports that industry insiders are now considering extending mortgage holidays for some.
It's thought borrowers could be split into three groups; the first are those who can return to normal repayments after three months, the second have a good history of repayments but need the freeze extended in the short-term, and the third are those with no real prospects of repaying who may need debt advice.
The paper reports the measures are currently being looked at by regulator the Financial Conduct Authority in a bid to prevent borrowers from defaulting and homes from being repossessed.as the UK faces worst its worst ever recession. One banker told The Times: “The last thing everyone wants is a repeat of the 1980s and 1990s, kicking families out onto the streets.”IF you're struggling financially, you might be able to cut the cost of your bills to help you get out of the red.website but you'll need to meet certain criteria. Your bill could be cut by as much as 100 per cent if you’re on a low income or claim benefits.
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