Housing: Guidance for Home Owners
Mortgage arrears and repossession
I’m worried about mortgage arrears. What should I do?
Mortgage lenders have announced they won’t apply to court to repossess homeowners for 3 months starting from 19 March.
They will also allow a 3 month payment holiday for those struggling to cover their mortgage because of coronavirus.
Be aware that this option may mean your monthly mortgage payment goes up after the payment holiday ends.
Check if you have insurance that will cover your mortgage payments instead. For example, mortgage payment protection insurance or through your current account.
Some mortgage providers are introducing other support for customers whose income is affected by the coronavirus outbreak. These may include:
- no fees for late payments
- switching to a lower interest rate
Speak to your lender to find out what support they’re offering.