Responding to the announcement of the Financial Conduct Authority’s consultation today on proposals to support mortgage borrowers impacted by coronavirus,

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

“Lenders are continuing to provide unprecedented levels of support to help customers through the Covid-19 crisis and have been working closely with the FCA to ensure that customers impacted by the new lockdown measures will be able to access the assistance they need, including being able to defer payments on their mortgages where this can help. While these arrangements are being put in place customers seeking to access this support do not need to contact their lenders yet. Lenders will provide information shortly on how to apply for this support.”

“The sector is working closely with the Financial Conduct Authority to ensure customers impacted by the new lockdown measures will be able to access the most appropriate support.”

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

“We recognise that the ongoing economic issues being caused by the Pandemic are generating significant issues for some households. Hence the extension of this payment deferral scheme. For those with a mortgage the best advice will always be to continue to pay if you can, and to discuss any concerns early with your lender. For those who are having difficulties, a payment deferral for a total of 6 months followed by ongoing tailored support are available. Lenders are working hard to support their customers through this time.” 

UK Finance and the Building Societies Association (BSA) will respond to the FCA’s consultation and, with our members, will continue to work with the regulator on measures to support mortgage customers impacted by Covid-19.

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

Press contacts

BSA Press Office
07741 984 042
hilary.mcvitty@bsa.org.uk

UK Finance Press Office
020 7446 6750
press@ukfinance.org.uk

Notes to Editors

The industry has put in place a clear plan to help Britain through the Covid-19 crisis:

• Two and a half million mortgage payment deferrals
• 27 million interest-free overdrafts offered
• 1.13 million payment deferrals on credit cards and over 793,000 payment deferrals on personal loans
• £57.3 billion of lending to over 1.4 million businesses through government Covid-19 lending schemes
• Protecting customers from scams and fraud
• Higher limit for contactless payments

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 and have provided more than 450,000 mortgage payment deferrals since March 2020.  

FCA press release

Proposed updated/additional FCA guidance for consultation - closing time/date 10:00 Thursday 5 November