On Tuesday 17 March, banks agreed with the Chancellor that they will offer ‘forbearance’ (tolerance and help) on mortgages.
This means they all should offer those struggling a three-month ‘holiday’, allowing customers a temporary break from having to make mortgage payments during this time.
While we await final confirmation of the details it should be noted that many banks will help those struggling to repay personal loans.
Here’s what different providers told Martin Lewis they were doing before the Chancellor’s announcement at around 5pm on Tuesday 17 March. He hopes to update this table again today.
Coronavirus: Buy-to-let payment holiday and eviction ban announced
Payment holidays for landlords with buy-to-let mortgages are among a package of measures introduced by the government today in response to the coronavirus pandemic.
The payment holidays, for up to three months, will be offered on the understanding the benefit is to be passed on to the tenant. The move follows extensive lobbying on the issue from both the NLA and RLA.
It has also announced it will also suspend the eviction process, with no new possession proceedings to start during the crisis, with emergency legislation to be taken forward so landlords will not be able to start proceedings to evict tenants for a three-month period.
At the end of this period, landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account the tenant’s individual circumstances.
What has the government said?
Making the announcement today Housing Secretary Robert Jenrick MP said: “We are in extraordinary times and renters and landlords alike are worried about paying their rent and mortgage.
“The last thing anyone needs to worry about at a time like this is losing their home.
“The government is clear – no renter who has lost income to coronavirus will be forced out of their home, nor will any landlord be left with unmanageable debts.
“These changes will protect both renters and landlords ensuring everyone gets the support they need.”