Mortgage, loans, credit cards

If you are experiencing financial difficulties meeting your mortgage repayments because of COVID-19, you may be entitled to a mortgage or rental holiday for three months. This includes if you are a landlord whose tenants are experiencing financial difficulties because of COVID-19. 

If you are a tenant experiencing financial difficulties because of COVID-19, the government will ensure you do not face the threat of eviction for at least three months:  

• The government has agreed with mortgage lenders that they will offer repayment holidays of 3 months to households in financial difficulty due to COVID-19.  
• This will also apply to landlords whose tenants are experiencing financial difficulties because of COVID-19.  
• The offer of a payment holiday can be made available to customers who are up to date with payments and not already in arrears.   

Customers who are concerned about their current financial situation should contact their lender at the earliest possible opportunity to discuss if this is a suitable option for them.  

• Emergency legislation will be taken forward so that landlords will not be able to start proceedings to evict tenants for at least a three month period. This applies to private and social renters.  
• At the end of this period, landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances.  

If you are experiencing difficulties paying back personal loans or credit card bills as a result of COVID-19, you should read the following information:  

• The Financial Conduct Authority (FCA) called on lenders to use flexibility built into their rules to support consumers, taking into account customers’ individual circumstances. Many major lenders have already made statements to this effect. 
• If you agree a payment holiday with your lender, they should record these in such a way that will not impact on your credit score.  

If you are experiencing difficulties paying back loans or credit card bills because of COVID19, you should talk to your lender.