Mortgage: Six in 10 on payment holidays will struggle to repay – are you affected?

Mortgage: Six in 10 on payment holidays will struggle to repay – are you affected?

“Regulators and lenders need to rapidly consider how they will manage the situation from the end of October 2020 to avoid large numbers of households facing enforcement action, including families losing their homes.

“In addition, the capacity of debt advice needs to be increased quickly; more debt advisors are needed but they will not be in place within the next few months, so interim measures should be put in place swiftly.”

For those who are struggling with mortgage payments, thankfully there is help which could potentially be at hand.

People are encouraged to first reach out to their lender, as they are required to make reasonable attempts to reach a suitable arrangement concerning repayments.

Published at Thu, 03 Sep 2020 08:33:00 +0000