UK Finance and Building Societies Association respond to Financial Conduct Authority announcement regarding mortgage payment deferrals

Banks and building societies have agreed with regulators and HM Treasury to extend the provision of mortgage payment deferrals of up to a maximum of six months in the light of the tightened Covid-19 restrictions announced by the Prime Minister this evening.

Customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information after 2 November on how to apply for this support.

UK Finance, the BSA and our members will continue to work with the FCA on the details with a further announcement to follow.

Eric Leenders, Managing Director of Personal Finance at UK Finance, said:

Lenders are providing unprecedented levels of support to help customers through the Covid-19 crisis and stand ready to deliver ongoing assistance to those in need. The industry is working closely with the Financial Conduct Authority to ensure customers impacted by the new lockdown measures announced this evening will be able to access the most appropriate support. Customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information after 2 November on how to apply for this support.

Robin Fieth, Chief Executive of the Building Societies Association (BSA), said:

Building societies and credit unions recognise the financial pressures on some households and will continue to work hard to support customers in the coming months, working closely with the FCA.

Area of expertise:

Mortgages Personal banking

Notes to editor

BSA Press Office 
07741 984 042 <a href="mailto:hilary.mcvitty@bsa.org.uk">hilary.mcvitty@bsa.org.uk</a>
The industry has put in place a clear plan to help Britain through the Covid-19 crisis:
<ul><li>Two and a half million <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… payment deferrals</a></li>
<li><a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… million interest-free overdrafts</a> offered</li>
<li>1.13 million payment deferrals on credit cards and over 793,000 payment deferrals on personal loans</li>
<li>£57.3 billion of lending to over <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… million businesses</a> through government Covid-19 lending schemes</li>
<li>Protecting customers from <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… and fraud</a></li>
<li>Higher limit for<a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…; contactless payments</a></li>
</ul>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.
The Building Societies Association (BSA) is the voice for all 43 building societies and 6 of the larger credit unions. Between them these organisations serve over 25 million consumers across the UK.