UK Finance and BSA respond to FCA announcement regarding mortgage payment deferrals

UK Finance and Building Societies Association respond to Financial Conduct Authority announcement regarding mortgage payment deferrals, following Prime Minister’s statement on tighter restrictions from 5 November.

Banks and building societies have agreed with regulators and HM Treasury to extend the provision of mortgage payment deferrals of up to a maximum of 6 months in the light of the tightened Covid-19 restrictions announced by the Prime Minister this evening.

Customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information after 2^nd November on how to apply for this support.

UK Finance and the BSA will continue to work with the FCA on the details with a further announcement to follow.

Eric Leenders, Managing Director of Personal Finance at UK Finance, said:

“Banks, building societies and lenders are providing unprecedented levels of support to help customers through the Covid-19 crisis and lenders stands ready to deliver ongoing assistance to those in need. The industry is working closely with the Financial Conduct Authority to ensure customers impacted by the new lockdown measures announced this evening will be able to access the support they need.”

Robin Fieth, Chief Executive of the Building Societies Association (BSA), said:

“Building societies and credit unions recognise the financial pressures on some households and will continue to work hard to support customers in the coming months, working closely with the FCA.”

Kindly shared by Building Societies Association (BSA)