Commenting on the FCA’s confirmation of the extension of mortgage payment holidays, Andrew Johnson, money expert at the Money and Pensions Service said:
“It is positive that flexibility will continue to be available to people facing temporary money issues but it’s really important anyone taking a break from paying their mortgage understands the implications. Your future payments will almost certainly be higher, so it’s likely to be in your best interest to resume your mortgage payments as soon as you can afford to do so. Before you make any decisions, make sure you access free guidance on Coronavirus related money issues on the Money Advice Service website, and speak to your lender about all the options available to you.”
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Notes to editors
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and help lines: