COVID-19 Advice for individuals – Deferring mortgage payments

Updated 3 April 2020

In recognition of the fact that the challenges faced by businesses as a result of COVID-19 are likely to quite quickly trickle down to staff and the general public, the government has announced that mortgage lenders will support individuals that are experiencing financial difficulties as a result of COVID-19 by providing mortgage payment holidays of up to three months. For individuals needing this support, the mortgage provider should be the first point of contact.

Emergency legislation has also been announced that landlords will not be able to start proceedings to evict tenants for at least a three month period. As a result of these measures, no renters in private or social accommodation needs to be concerned about the threat of eviction.

Recognising the additional pressures the virus may put on landlords, the Government have confirmed that mortgage payment holiday announced yesterday will be extended to landlords whose tenants are experiencing financial difficulties due to coronavirus

In addition to the government led loan repayment holiday initiative, it is encouraging to see that a number of lenders are also starting to offer loan interest repayment holidays of up to six months, as well as offering emergency loans for businesses struggling as a result of COVID-19.

See our articles on the loans available below:

• The Coronavirus Business Interruption Loan 
• The Retail, Hospitality and Leisure Grant Fund and the Small Business Grant Fund
• The Coronavirus Job Retention Scheme
• The Self Employed income Support Scheme