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Mortgages: Coronavirus

Treasury written question – answered on 23rd March 2020.

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Photo of Preet Kaur Gill Preet Kaur Gill Shadow Minister (International Development)

To ask the Chancellor of the Exchequer, with reference to his oral contribution of 17 March 2020, Official Report column 931, what estimate he has made of the number of households that will be eligible for the proposed mortgage holiday.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Banks and building societies are ready and able to support consumers impacted by COVID-19. On the 17 March, the Chancellor announced on behalf of the sector that banks and building societies will offer a 3-month ‘mortgage holiday’ for borrowers that are financially struggling with heir repayments. This forbearance measure will enable affected borrowers to defer their mortgage payments for up to 3 months while they get back on their feet.

The option of a mortgage repayment holiday will be open to any customer who is up-to-date with their repayments and not already in arrears. Any customer who is concerned about their current financial situation can get in touch with their lender at the earliest possible opportunity to discuss the best option for their them.

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