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Government pledges to support tenants and homeowners

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Government pledges to support tenants and homeowners

As the coronavirus pandemic has tightened its grip on the country, the reality of its effect on people’s livelihoods has become clearer.

However, help is at hand, with the government announcing a support package to help people stay in their homes. Homeowners who have taken a hit to their income due to the outbreak will be able to apply to their lender for a three-month mortgage payment holiday, giving them the reprieve they need to get through the worst of the crisis without the risk of defaulting on their loan or having their home repossessed.

The payment holiday applies to both owner-occupied and buy-to-let mortgages. Meanwhile, the notice period a landlord must give a tenant before commencing eviction proceedings has been extended until 30 September 2020.

This means that even if you are in rent arrears due to coronavirus-related financial difficulties, you will not be evicted from your home.

For mortgage help and advice please get in touch with us, we may be able to find you a better rate or switch you to a better mortgage product.