Further assistance confirmed for borrowers affected by Coronavirus
Since the World Health Organisation claimed Coronavirus a pandemic, lenders in the UK have offered a variety of support to borrowers suffering financially as a result of the pandemic. One of the biggest forms of support has been allowing borrowers to take a mortgage payment holiday and the latest figures published by UK Finance have shown that one in six borrowers have requested a payment holiday.
As the UK and Scottish Governments look to relax the lockdown restrictions and navigate the next steps for the country, lenders have offered further support to borrowers allowing for a further full or part holiday for 3 months if a borrower is nearing the end of their current payment holiday or if a borrower has not yet applied for a mortgage holiday, they are now able to do so until the 31st October 2020.
© McVey & Murricane 2021 | Regulated by the Law Society of Scotland | VAT Number 260 2334 00 | Law Society Number 18719