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.”