Government helps homeowners
With businesses across the UK suffering amid the COVID-19 crisis, many workers have taken a hit to their income. It is therefore understandable that many are worried about paying their mortgage. That’s why the government has stepped in with a financial support package to help people remain in their homes.
On 17 March, the government announced that mortgage lenders would be offering three-month mortgage payment holidays to homeowners affected by coronavirus. It should be noted that the measure is a temporary reprieve – interest will still accrue on the loan, while the capital sum outstanding will remain unchanged.
Financial advice is key
In times such as these, it is essential to seek professional advice to avoid further damage to your finances. If you have any concerns, please get in touch.
Your home may be repossessed if you do not keep up repayments on your mortgage.