What Help is Being Offered to Homeowners During Coronavirus
The Coronavirus pandemic has lasted longer than initially expected and we are now experiencing a second wave. A second national lockdown started on November 5th and alongside the lockdown the government has announced a new wave of financial help which will not only help the general population to meet their essential needs, but also further measures have been announced to prevent homeowners from losing their home. In this article we look at what options are currently available and what help is currently being offered by the government for homeowners who have been adversely affected by the crisis.
Mortgage Lenders are not allowed to Repossess your Home During Coronavirus
For the foreseeable future the FCA has ordered banks and building societies to not repossess any homes during the Coronavirus outbreak. The pandemic has continued for longer than expected and luckily for many homeowners who have found themselves in arrears the government have continued to tell lenders that they are not allowed to initiate any court proceedings during this current outbreak. Since a second national lockdown has been announced starting on November 5th the FCA have announced a further six month extension to the mortgage payment holiday. Furthermore, the government have also said that they wish to make sure that no one faces repossession during this time. It is unclear how long this temporary suspension on repossession orders will remain but it is believed it could be a further six months.