Stephen Jones

One in nine mortgage-holders in Britain has taken a so-called "payment holiday" - like it had been hit your finances due to the impact of Corona-Virus.

the lenders have agreed, that 1. 2 million house and flat delay repayments can be reduced the owner as the jobs and wages reduced.

in General, this represents a mortgage bill of £775 per month, with the credit the option of holders given the delay of up to three months of repayment.

More are likely to be the option, the should not on credit ratings.

Apply fought'Many frustrated mortgage holder, to get to your lender as the phone lines are so busy, leave Banks , who are their own person Ellen - pressure priority to The Most vulnerable.

Uk Finance for the Banks , and which compiled the figures, the payment holidays were the best organized, if possible, by provided a form online, the donors of most of the credit.

Banks and building societies for up to three months of mortgage repayment selections for those who struggle financially. This does not mean that these bills cancelled, you will still need to be paid at a later date.

For the typical capital and interest repayment mortgage of £775 each month to be delayed.

The Number of delays More Than tripled in the Two Weeks between the 25. March and 8. April, always 392,130 to 1. 24 Million Euros. This is an increase of almost 850,000, or an average of approximately 61,000 payment holidays granted by the lenders pro day.

they Were all three-month break, in a total value of over £2. 6bn would have been be reset.

The increased overall since then, and is expected to continue to increase.

"the pay of the holidays is not always The Right solution for everyone. We would therefore ask you to check no mortgage customers worried About their financial situation with their lender, so that you can find more information on the support available and their application," said Stephen Jones , UK-Finance-in-chief.

He stressed that the people should not just your direct debits, cancel without consulting with your lender, this could lead to cost and impact on your chances of borrowing in The Future .

Robin Fieth, chief executive of The Building Societies Association (BSA), said: "We know that this is a difficult time for many homeowners with a mortgage, and building society employees have hard to people with The Right solution. "

Some of the mortgages that track The Bank of England interest rates have been getting cheaper, after the policy in response to the Corona-Virus outbreak.

But most house owners are on fixed rate deals and so saw no reduction in their current monthly mortgage had bill. With income have been beaten, the burden on household finances.

pull off Some of the mortgage Banks , meanwhile, were, and provides new offerings for people who can't provide a large Deposit,

The is excluded first-time borrowers or existing homeowners with little equity in their home looking for a New Deal .

Source of news: bbc.com