UK government announces three month mortgage coronavirus pause
Topics: MORTGAGE CORONAVIRUS UK
The news was confirmed in the daily press conference this afternoon.
During the televised statement Boris Johnson promised help for families and businesses hit by the financial impact of coronavirus measures, saying it would be delivered with a "profound sense of urgency".
Chancellor Rishi Sunak promised further action on top of measures announced in last week's Budget, saying that "never in peacetime have we faced an economic fight like this one".
Chancellor Rishi Sunak said the Government will "be bold" in its support for the economy.
Mr Sunak announced homeowners would get a "three month mortgage holiday" if they are suffering difficulties due to the outbreak.
He said: "For those in difficulty due to coronavirus, mortgage lenders will now offer a three month mortgage holiday so that people will not have to pay a penny towards their mortgage cost while they get back on their feet."
He added: "This struggle will not be overcome by a single package of measures or isolated interventions. ■