The Financial Conduct Authority (FCA) has confirmed no homeowner will have their property repossessed until at least 31 January 2021.
News Team | 25th November, 2020
The FCA has announced further enhanced proposals to support mortgage borrowers impacted by coronavirus.
The FCA has proposed to extend the availability of payment deferrals to support borrowers who are experiencing payment difficulties because of coronavirus.
Under the new rules, those who have not yet had a payment deferral will be eligible for two payment deferrals of up to six months in total.
Those who currently have an initial payment deferral, or who have resumed repayments after an initial payment deferral, will be eligible for another payment deferral of up to three months these deferrals must be requested before 31st January 2021.
The FCA has also confirmed that a payment deferral under these proposals would not be reported as missed payments on a borrower’s credit file. However it noted "this does not mean that consumers’ ability to access credit will be unaffected in future, as lenders may take into account a range of information when making lending decisions".
The FCA is also proposing that no one will have their home repossessed without their agreement until after 31st January 2021.