Lenders grant 1.9 million mortgage deferrals

The UK's mortgage lenders have granted 1.9 million payment deferrals to customers impacted by the coronavirus (COVID-19), according to the latest figures from UK Finance.

22 Jun 2020

The UK's mortgage lenders have granted 1.9 million payment deferrals to customers impacted by the coronavirus (COVID-19), according to the latest figures from UK Finance.

One in six mortgages are now subject to a payment deferral, and for the average mortgage holder that amounts to £755 per month of suspended payments.

The deferral scheme proved most popular in its first three weeks when 1.2 million deferrals were approved.

UK Finance said many homeowners will soon be coming to the end of the deferral period and lenders are now focused on helping customers to consider their next steps.

Customers who have not yet applied for a payment deferral and those requiring further support after an initial payment deferral have until 31 October 2020 to apply.

Commenting on the deferrals, Eric Leenders, Managing Director of Personal Finance at UK Finance, said: 'Lenders understand that many households will continue to see their finances squeezed as the pandemic continues, and we are working hard to ensure everyone gets the support suited to their needs.

'The industry has a clear plan to help homeowners get through these tough times, and whilst it is best for customers to restart their payments if they can, where this is not possible lenders are keen to help, whatever a customer's financial situation.'

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2020 Blue Spire Limited (Brighton). All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Blue Spire Limited (Brighton) are Accountants in Brighton.

Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com


Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK