New data revealed on Tuesday that lenders have offered over 1.2 million mortgage payment holidays in order to help support those struggling financially amid the COVID-19 crisis.
In the UK, one in nine mortgages are now subject to a payment holiday, according to UK Finance.
For the average mortgage holder, the payment holiday amounts to £260 per month of suspended interest payments, UK Finance said in a statement.
It was announced just under a month ago that mortgage lenders would provide support to those hit by the financial implications of the illness outbreak.
In the two weeks between 25 March and 8 April, the amount of mortgage payment holidays in place has more than tripled.
“Mortgage lenders have been working tirelessly to help homeowners get through this challenging period,” Stephen Jones, UK Finance CEO, commented.
“The industry has pulled out all the stops in recent weeks to give an unprecedented number of customers a payment holiday, and we stand ready to help more over the coming months,” the CEO added.
Stephen Jones continued: “We understand that the current crisis is having a significant impact on household finances for people across the country. Lenders have a number of options available to help, and payment holidays aren’t always the right solution for everyone. We would therefore encourage any mortgage customers concerned about their financial situation to check with their lender so they can find out more information on the support available and how to apply.”
Additionally, Robin Fieth, Building Societies Association CEO, also commented: “We know that this is a difficult time for many homeowners with a mortgage and building society staff have been working hard to offer individuals the right solution. For almost quarter of a million so far, that has been a three month payment holiday offering a much needed breathing space to families whose household income is under severe pressure during the current crisis.”