You are viewing 1 of your 1 free articles
Mortgage lenders to offer three-month ‘mortgage holiday’ for those impacted by coronavirus
Chancellor Rishi Sunak has announced that mortgage lenders will offer “at least” a three-month break from mortgage repayments for homeowners experiencing financial difficulties as a result of coronavirus.
Speaking at the government’s daily press conference yesterday, Mr Sunak said: “Following discussions with industry today, I can announce that for those in difficulty due to coronavirus, mortgage lenders will offer at least a three-month mortgage holiday – so that people will not have to pay a penny towards their mortgage while they get back on their feet.”
The announcement came as Mr Sunak pledged to make £330bn worth of loans – equivalent to 15% of GDP – available to businesses thsat are being impacted by the coronavirus pandemic.
This is in addition to the £30bn coronavirus support package for individuals and businesses announced during last week’s Budget.
Mr Sunak’s speech followed an announcement by housing secretary Robert Jenrick that an additional £3.2m of emergency funding for local authorities was being made available to help rough sleepers self-isolate if they are suspected of having the virus.
READ MORE
Meanwhile, the Welsh government introduced a temporary three-month interest repayment holiday for Help to Buy Wales customers who may suffer financial hardship as a result of the outbreak.
Welsh housing minister Julies James said: “The steps I’m taking today will help several hundred Help to Buy Wales customers, who may be impacted by coronavirus, deal with potentially unexpected financial hardship.
“The Welsh government continues to do all it can to support the people of Wales during this difficult time.”
Also yesterday, Labour’s shadow housing secretary John Healey announced that he had drawn up draft legislation to prevent evictions throughout the outbreak, with many criticising the government for not going far enough in its support for renters.
Mr Jenrick is expected to make an announcement on how the government plans to support renters in the coming days.
