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Mortgages: Coronavirus

Treasury written question – answered on 28th April 2020.

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Photo of Damien Moore Damien Moore Conservative, Southport

To ask the Chancellor of the Exchequer, what discussions he has had with mortgage providers on automatically extending mortgage offer deadlines for people unable to exchange contracts for a property purchase due to the covid-19 outbreak.

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

Following discussions with Government, UK Finance announced on 26 March that mortgage lenders will give customers who have exchanged contracts the option to extend their mortgage offer for up to 3 months to enable them to move at a later date.

The Ministry of Housing, Communities and Local Government has also issued guidance for home moving during the COVID-19 outbreak which advises that all parties should work to delay the exchange of contracts until after the period where stay-at-home measures to fight COVID-19 are in place. The guidance can be viewed in full here:

https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak

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