No Possessions Until New Years Mortgage Lenders Announce …

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Mortgage lenders have announced a voluntary moratorium on property from today Dec. 13 through Tuesday Jan. 4.

A statement from the umbrella body UK Finance says: “The industry is committed to providing continued support to those in financial difficulty as a result of the pandemic, especially those who may be worried about making their mortgage payments during the crisis. Christmas time.

“Members of UK Finance and the Building Societies Association have agreed that they will not seek or apply a warrant of possession for residential and rental properties during this period.”

There had been a 12-month hiatus on possessions from April 2020 to April 2021, which helped those struggling with their finances during the Covid-19 lockdowns.

Eric Leenders, Managing Director of Personal Finance at UK Finance, says:Lenders have come together to agree a voluntary break on property over Christmas and New Years, giving customers the peace of mind that they will be staying at home during the holiday season. For anyone who is having difficulty with their finances, there are a range of options available and lenders are ready to help. Customers should contact their lender as soon as possible if they need assistance.

And Paul Broadhead, head of mortgage policy and housing at the Building Societies Association, adds: “Taking over someone’s home is an absolute last resort and lenders go out of their way to provide people in financial difficulty with the right thing to do. the tailor-made support they need.

“The goal is to help people get back on their feet, but this Christmas and New Year’s moratorium will give those who have come to the end of the road a bit of a break. For anyone facing financial difficulties, the message is to contact your lender quickly, as this gives the best chance of success.



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