A second lockdown in England means a fresh round of government financial support for those impacted by the Covid-19 pandemic.

Part of that package of support is an extension to mortgage payment holidays, with the Financial Conduct Authority (FCA) confirming how this will work.

The enhancement to these measures for mortgage borrowers follows a commitment from the FCA back in September to keep the scheme under review as the pandemic evolved.

The headline proposal is an extension of the availability of payment deferrals to support borrowers who are experiencing payment difficulties because of the pandemic.

Mortgage customers who have not yet had a payment deferral will be eligible for two payment deferrals, up to a total of six months.

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Martin Bamford is a Chartered Financial Planner, Fellow of the Personal Finance Society and Director of Client Education at Informed Choice.

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The guidance contained within this video is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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