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The Financial Conduct Authority has announced support for people who are struggling to pay for their mortgage due to Coronavirus.
The Financial Conduct Authority (FCA) has confirmed the support firms should give to mortgage customers who are either coming to the end of a payment holiday or who are yet to request one. The FCA also reminds people that if they can make their normal mortgage payments then they should.
The proposals that the FCA put forward in late May outlined the options that the firms will be required to provide to anybody who is coming to the end of a payment holiday. The time to apply for a payment holiday would also be extended until the end of October 2020. If you’re still experiencing difficulties due to Coronavirus then it is expected that firms should continue to offer you support.
The FCA expect that;
This guidance should not prevent firms from providing more favourable forms of assistance if this was appropriate. Such as reducing or waiving any interest charged.
The firms should also consider signposting their customers towards sources of debt advice. This information could be helpful if they are coming towards the end of a payment holiday and would be especially helpful for those people with pre-existing payment shortfalls or if they will be likely to be in longer term difficulty.
When a firm implements the guidance, they will need to be particularly aware of their customers who are vulnerable and consider the best way to engage with them. If someone is unable to use a firm’s online services, then the firm should make it easy for them to access alternatives.
This guidance only applies to mortgages. It doesn’t apply to other credit products as they will be covered by separate guidance will be updated in due course.
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