In an attempt to ease the financial burden caused by the coronavirus, on 17th March lenders reported they would offer a mortgage payment holiday to those whose income had been affected in this difficult time. UK Finance reports that around 392,000 payment holidays were granted at this time. Then in the fortnight following 25th March, the number of mortgage holidays trebled, growing to a whopping 1.2 million. This equates to around 61,000 payment holidays granted on a daily basis and is a stark indicator of the significant economic impact this pandemic is having in the UK.
Commenting, Stephen Jones, UK Finance CEO, said: “Mortgage lenders have been working tirelessly to help homeowners get through this challenging period. The industry has pulled out all the stops in recent weeks to give an unprecedented number of customers a payment holiday, and we stand ready to help more over the coming months…. We understand that the current crisis is having a significant impact on household finances for people across the country. Lenders have a number of options available to help, and payment holidays aren’t always the right solution for everyone. We would therefore encourage any mortgage customers concerned about their financial situation to check with their lender so they can find out more information on the support available and how to apply.”
Read more about this story from UK Finance here.