Nearly two million mortgage payment holidays handed out so far

Nearly two million mortgage payment holidays have been granted to customers impacted financially by Covid-19, according to trade association UK Finance. Interest will normally continue to build up during mortgage, credit card and personal loan payment deferrals, unless the lender says otherwise, so customers should consider their options carefully. The Financial Conduct Authority (FCA) is also consulting on proposals which would enable overdraft customers to ask their lender for another three-month interest-free buffer of up to £500 if they need it, when their current one comes to an end.