UK Finance and BSA agree voluntary pause on residential and buy-to-let possessions
UK Finance and The Building Societies Association (BSA) have today announced a voluntary pause on possessions from Monday 13 December until Tuesday 4 January 2022.
This means associated mortgage lenders will not seek or enforce a warrant of possession for residential and buy-to-let properties during this period; no new proceedings will be started, and action already started will be paused between this time.
This follows a previous 12-month pause on possessions from April 2020 to April 2021 which helped people struggling with their finances during national lockdowns.
The voluntary pause (known as a voluntary moratorium) aims to offer support to people still feeling the financial effects of the ongoing pandemic – especially if they’re worried about making mortgage payments over the festive period.
Eric Leenders, Managing Director of Personal Finance at UK Finance, said: “Lenders have come together to agree a voluntary pause on possessions over Christmas and the new year, providing customers with peace of mind that they will stay in their homes over the festive period. For anyone who is struggling with their finances, there are a range of options available, and lenders stand ready to help. Customers should contact their lender as soon as possible if they need support.”
Rachel Duffey, CEO, at PayPlan, welcomes the update: “We’re really pleased to hear this announcement. With living costs rising, more and more people are struggling to keep up with their finances, so it’s good to see support being offered to those who might be struggling with mortgage payments over the festive season.”
We recently published a report which shows the impact that rising living and energy costs are having on people this Autumn / Winter which you can view here.
BSA, along with National Debtline, have put together an information leaflet with practical advice on paying your mortgage: BSA – Mortgage Factsheets
If you’re worried about keeping up with debt repayments, we’re here to help you get back on track. There are a number of ways to contact us to find out what support we can offer.