{"id":2661,"date":"2020-03-19T13:42:37","date_gmt":"2020-03-19T13:42:37","guid":{"rendered":"https:\/\/www.fpgonline.co.uk\/?p=2661"},"modified":"2020-03-19T13:52:48","modified_gmt":"2020-03-19T13:52:48","slug":"mortgage-payment-break-due-to-covid-19-how-to-apply-and-whats-the-procedure","status":"publish","type":"post","link":"https:\/\/www.fpgonline.co.uk\/index.php\/mortgage-payment-break-due-to-covid-19-how-to-apply-and-whats-the-procedure\/","title":{"rendered":"Mortgage Payment Break Due To COVID-19 \u2013 How To Apply and What\u2019s The Procedure?"},"content":{"rendered":"<p>Firstly, We hope you and your families are safe and well.<\/p>\n<p>The government announced its emergency mortgage assistance measures earlier this week, with mortgage lenders agreeing to offer home owners a three month \u2018holiday\u2019 from their monthly payments if they are adversely affected by the COVID-19 pandemic. Here is a bullet point outline as to what has been proposed and the procedure for applying yourself.<\/p>\n<ul class=\"\">\n<li class=\"\"><span class=\"\">Mortgage lenders will offer an automatic 3-month payment holiday for customers impacted, directly or indirectly, by COVID-19<\/span><\/li>\n<li class=\"\"><span class=\"\">The payment holiday will apply to customers who are up to date on their payments, not in arrears, and wanting to self-certify that they are impacted by COVID-19<\/span><\/li>\n<li class=\"\"><span class=\"\">This means that lenders will not complete an income and expenditure assessment, or an assessment of alternate payment options as ordinarily required under MCOB<\/span><\/li>\n<li class=\"\"><span class=\"\">This proposal will allow lenders to be more responsive to customer needs and offer forbearance in a simple way to customers in an environment where the operation of collections teams made be also impacted by COVID-19<\/span><\/li>\n<li class=\"\"><span class=\"\">Customers will be made aware that interest will accrue in the holiday period and they will need to make up deferred payments in the future<\/span><\/li>\n<li class=\"\"><span class=\"\">Customers who wish to undertake a full assessment of their ability to pay or financial difficulty may still do so.<\/span><\/li>\n<\/ul>\n<div class=\"\"><\/div>\n<div class=\"\"><strong><span class=\"\">What does this mean for you and your family?<\/span><\/strong><\/div>\n<div class=\"\"><\/div>\n<div class=\"\"><span class=\"\">For a customer, up to date with payments, not in arrears and impacted by COVID-19:<\/span><\/div>\n<ul class=\"\">\n<li class=\"\"><span class=\"\">the customer would contact the lender and inform them that they are impacted by COVID-19<\/span><\/li>\n<li class=\"\"><span class=\"\">the lender would accept these details from the customer and offer an automatic 3-month payment holiday<\/span><\/li>\n<li class=\"\"><span class=\"\">no evidence will be sought from the customer<\/span><\/li>\n<li class=\"\"><span class=\"\">the lender makes the customer aware that interest will accrue and will be contact at the end of the three months to complete an assessment of the customer\u2019s circumstances<\/span><\/li>\n<li class=\"\"><span class=\"\">at the end of three months, an arrangement to pay will be agreed with the customer according to their circumstances to recover any shortfall, while ensuring that the mortgage remains affordable and sustainable<\/span><\/li>\n<li class=\"\"><span class=\"\">the lender notifies the customer that if they wished to complete a full assessment now, there may be other forbearance options more suitable to the customer.<\/span><\/li>\n<\/ul>\n<p class=\"\"><strong>As always stay safe and healthy, f<\/strong><strong>rom us all at The Financial Planning Group<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Firstly, We hope you and your families are safe and well. The government announced its emergency mortgage assistance measures earlier this week, with mortgage lenders agreeing to offer home owners a three month \u2018holiday\u2019 from their monthly payments if they are adversely affected by the COVID-19 pandemic. Here is a bullet point outline as to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[65,13,44],"class_list":["post-2661","post","type-post","status-publish","format-standard","hentry","category-news","tag-mortgage-holiday","tag-teddington","tag-twickenham"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Payment Break Due To COVID-19 \u2013 How To Apply and What\u2019s The Procedure? - The Financial Planning Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fpgonline.co.uk\/index.php\/mortgage-payment-break-due-to-covid-19-how-to-apply-and-whats-the-procedure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Payment Break Due To COVID-19 \u2013 How To Apply and What\u2019s The Procedure? - The Financial Planning Group\" \/>\n<meta property=\"og:description\" content=\"Firstly, We hope you and your families are safe and well. The government announced its emergency mortgage assistance measures earlier this week, with mortgage lenders agreeing to offer home owners a three month \u2018holiday\u2019 from their monthly payments if they are adversely affected by the COVID-19 pandemic. 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