Amid the coronavirus crisis, the financial situation of many Britons is changing, and many have been forced to look at their expenditure. However, some valuable, and enticing, assistance has been offered to those who are struggling to meet mortgage payments. The Financial Conduct Authority (FCA) has instructed banks to offer customers so-called “holidays” on their payments.
This involves an agreement with a lender that a customer will not have to make mortgage payments for a set amount of time.
And many have been taking advantage of the scheme, with UK Finance reporting one in nine mortgage holders in the UK have accepted a payment holiday.
However, an expert has warned customers to take caution when adopting this approach.
Nick Sherratt, Managing Director and co-founder of Mojo Mortgages, a free online mortgage broker, spoke to Express.co.uk on the issue many Britons are facing amid the pandemic.
He said: “Payment holidays are very welcome news to brokers and to mortgage…
