Buy To Let
One in nine borrowers freeze mortgage payments
One in nine mortgages in the UK are now subject to a payment holiday, the data revealed.
For the average mortgage holder, the payment holiday amounts to £260 per month of suspended interest payments.
The number of mortgage payment holidays in place more than tripled in the two weeks between 25 March and 8 April, growing from 392,130 to 1,240,680.
This is an increase of nearly 850,000 or an average of around 61,000 payment holidays being granted by lenders each day.
Chancellor Rishi Sunak announced the mortgage payment holiday scheme on 17 March and since then, lenders have been inundated by requests to freeze payments as Covid-19 threatens livelihoods and adds pressure to finances.
Stephen Jones, chief executive of UK Finance, 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.”
Robin Fieth, Building Societies Association CEO, said: “We know this is a difficult time for many homeowners with a mortgage, and building society staff have been working hard to offer individuals the right solution.
“For almost a quarter of a million so far, that has been a three-month payment holiday offering a much needed breathing space to families whose household income is under severe pressure during the current crisis.”
There are 0 Comment(s)
Everything you wanted to know about ISAs…but were afraid to ask
The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.