RM English
29 April 2020

Borrowers with a mortgage payment holiday can now take a product transfer

In recent events caused by the coronavirus, the Government have made a promise that all borrowers will be allowed a three-month mortgage payment holiday. All lenders are meant to provide this service. Now customers coming to the end of their mortgage deal will now be offered a product transfer by their lender – even if they are taking a mortgage payment holiday.

Borrowers with a mortgage payment holiday can now take a product transfer

UK Finance said these new measures have come about about due to the exceptional circumstances that we are currently facing. To be eligible for a product transfer, customers need to be up to date with payments, approaching the end of their fixed-rate term and not looking to borrow any more. Eligible customers should be contacted by their lender when the end of their term approaches.

Stephen Jones, chief executive of UK Finance, said: “There is a range of support available to mortgage holders concerned about their finances. We would encourage any homeowners impacted by coronavirus to visit their lender’s website in the first instance to find out more information and how to apply.”