It is proposing that households who have not yet had a payment deferral will be eligible for two payment deferrals of up to six months in total. Households that currently have an initial payment deferral in place will be eligible for another for up to three months. Meanwhile, those who have resumed their mortgage repayments after an initial payment deferral will be eligible for another three month payments holiday. Under the FCA’s proposals, borrowers would have until 31 January 2021 to request a payment deferral. Consumers are concerned about their finances because of a looming second coronavirus lockdown in England.

Source: The Guardian November 02, 2020 18:04 UTC