Regulatory AlertsFS20/17: Mortgages and coronavirus: Updated Payment Deferral and Tailored Support Guidance for Firms
The regulator issued updated guidance requiring firms to extend payment deferrals up to six months and provide tailored support to mortgage borrowers facing financial difficulties due to the coronavirus pandemic. The rules prohibit home repossessions without consumer agreement until after 31 January 2021 and apply to customers affected by the crisis through 31 March 2021. This enhanced support framework came into effect on 20 November 2020 to protect consumers during exceptional circumstances while allowing for future updates based on ongoing uncertainties.
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