Have there been any changes to mortgage repayments?

Have there been any changes to mortgage repayments?

The Financial Conduct Authority (FCA) has told lenders not to start or continue court repossession action until at least 31 October 2020. If your lender has already obtained a court order to repossess your property, they should not seek to ‘enforce’ it by evicting you. Unless exceptional circumstances apply, repossession is likely to contravene FCA rules and result in enforcement action being taken against the lender.

You can ask your lender for a three-month payment holiday, or the extension of an existing payment holiday, at any point until at least 31 October 2020. A payment holiday means you stop making payments without going into arrears, although your lender will seek to recover money covered by the holiday at a later date. You may end up paying more each month or paying for longer. Your lender should give you a choice over how you repay the money.

Speak to a debt advice agency such as StepChange or National Debtline if in payment difficulty, as there may be alternatives to a payment holiday that better meet your needs. Your lender should consider other options if you request a holiday, for example reducing or waiving interest.