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Financial Conduct Authority (FCA) confirms the next stage of support for mortgage borrowers

Posted by Natalie Pearson 16/09/20

The Financial Conduct Authority (FCA) confirmed that there will be further support available for mortgage borrowers who face payment difficulties due to coronavirus (COVID-19).

Additional guidance for firms has been published, to ensure that consumers who have benefitted from payment deferrals under the current guidance and still face financial difficulties, as well as those whose financial situation may be newly affected by coronavirus after the current guidance ends, continue to get the support they need.

The measures mean firms will offer further short and longer-term support reflecting the circumstances of their customers. This could include extending the repayment term or restructuring of the mortgage. Where consumers need further short-term support, firms can continue to offer arrangements for no or reduced payments for a specified period to give customers time to get back on track. This additional guidance comes into force today (Wednesday 16 September).

 

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