Mortgage lenders announce moratorium on possessions over Xmas

Mortgage lenders have announced a moratorium on possessions over the Christmas period, according to UK Finance.

The moratorium will run from 13 December until 4 January 2022.

The trade association, which represents nearly 300 UK financial services firms, said that the industry is committed to providing ongoing support to those in financial difficulty as a result of the pandemic, especially those who may be worried about making their mortgage payments over the Christmas period.

Members of UK Finance and the Building Societies Association have agreed that they will not seek, or enforce, a warrant for possession for residential and buy-to-let properties during this period.

There was a previous 12-month pause on possessions from April 2020 to April 2021 which helped those struggling with their finances during Covid-19 lockdowns.

The possessions moratorium sits alongside other forbearance measures which lenders continue to use for customers struggling with their mortgage payments.

“Lenders have come together to agree a voluntary pause on possessions over Christmas and the new year, providing customers peace of mind that they will stay in their homes over the festive period,” said Eric Leenders, managing director of personal finance, UK Finance. “For anyone who is struggling with their finances, there are a range of options available, and lenders stand ready to help. Customers should contact their lender as soon as possible if they need support.”

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