PFS reacts to FCA support for struggling mortgage customers

response to today’s (22 May) FCA announcement about support for customers who are struggling to pay their mortgage due to coronavirus, Keith Richards, chief executive of the Personal Finance Society, said: “We welcome this extended and pragmatic approach for those who need financial support during these challenging and uncertain times. When the mortgage payment holiday was first announced many consumers took this route because they thought they would be silly not too in case their role was furloughed or their other sources of income were threatened by the economic fallout of measures to slow the spread of coronavirus and it is right that the FCA is encouraging consumers to resume payments if able to, rather than continue to extend the term of their mortgage."

“The payment holiday is intended to help those in financial difficulty. It is vital that consumers speak to their mortgage broker or financial adviser about the most suitable options for their financial circumstances. For mortgagees who are genuinely struggling or worried financially the FCA’s announcement today will reassure them that help is still available for those worried about keeping a roof over their head if their income is affected by Covid-19.”