Extract from report stage (Lords) (day 2) of the Financial Services Bill - Apr 14
Thursday, 15 April 2021 07:39
The Minister of State, Cabinet Office (Lord True) (Con):...The
Government have taken other action in the period of Covid to help
and support borrowers. In October, the FCA confirmed additional
options to support borrowers, including guidance to allow borrowers
who are up to date with their payments with a recently matured or
soon-to-mature interest-only or part and part mortgage to delay
repaying the capital on their mortgage while continuing to make
interest payments. This guidance is in...Request free trial
The Minister of State, Cabinet Office () (Con):...The Government have taken other action in
the period of Covid to help and support borrowers. In October, the
FCA confirmed additional options to support borrowers, including
guidance to allow borrowers who are up to date with their payments
with a recently matured or soon-to-mature interest-only or part and
part mortgage to delay repaying the capital on their mortgage while
continuing to make interest payments. This guidance is in place
until October 2021. The FCA also confirmed, as I have explained,
that it is making intra-group switching easier for borrowers with
an inactive firm; that is, the same lending group as an active
lender. Furthermore, in September the Money and Pensions Service launched
online information and a dedicated phone service for
borrowers...
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