Mortgage holidays extended

The Financial Conduct Authority (FCA) will today offer greater details of an extension to the mortgage holiday scheme, with the initiative set to have expired on Saturday but extended due to the national lockdown announced for England. The FCA has already said that those who have yet to apply for a mortgage holiday can request a pause on repayments of up to six months, while those who have already agreed to defer payments can extend it until they reach the six-month limit. The financial watchdog is also considering a payments holiday for people struggling with debts on credit cards and personal loans, saying it is “working quickly with industry to determine whether a similar approach should be adopted for consumer credit products.”