One in nine UK mortgages are now taking advantage of a mortgage payment holiday.
According to UK Finance data, over 1.2 million mortgage holders impacted by Covid-19 have applied to their lenders for a mortgage payment holiday.
Since March 25, the number of mortgage holiday applications has tripled from 392,130 to 1,240,680 with more than 61,000 being granted per day.
Stephen Jones, chief executive of UK Finance, said:
“Mortgage lenders have been working tirelessly to help homeowners get through this challenging period. The industry has pulled out all the stops in recent weeks to give an unprecedented number of customers a payment holiday, and we stand ready to help more over the coming months.
“We understand that the current crisis is having a significant impact on household finances for people across the country. Lenders have a number of options available to help, and payment holidays aren’t always the right solution for everyone. We would therefore encourage any mortgage customers concerned about their financial situation to check with their lender so they can find out more information on the support available and how to apply.”
Robin Fieth, Building Societies Association CEO, said:
“We know that this is a difficult time for many homeowners with a mortgage, and building society staff have been working hard to offer individuals the right solution.
“For almost quarter of a million so far, that has been a three month payment holiday offering a much needed breathing space to families whose household income is under severe pressure during the current crisis.”
