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Lloyds calls borrowers at end of mortgage holidays to discuss next steps

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  • 16/06/2020
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Lloyds calls borrowers at end of mortgage holidays to discuss next steps
Lloyds Banking Group has begun contacting borrowers reaching the end of their mortgage holidays to discuss restarting payments.

Homeowners who are not able to reinstate their monthly commitments will be offered a number of options, including a further three month extension.

The bank is also contacting borrowers who have cancelled a direct debit to make sure they understand the consequences of stopping the mandate instead of asking for a break from their payments.

More than 1.8 million mortgage payment breaks have been issues by lenders, as of 28 May, the equivalent to one in six mortgages, according to the latest figures from UK Finance. Furthermore, borrowers who have already taken a payment freeze will be allowed to extend the arrangement for another three months. Those who have yet to apply for a mortgage holiday will be given until 31 October to apply.

Vim Maru, retail director, Lloyds Banking Group, said: “Our colleagues are working tirelessly to support customers as we all continue to deal with the impact of the pandemic. We want to be there for our customers when they need us and that’s why we’re proactively contacting anyone coming to the end of a payment holiday, to ensure they are fully supported, and understand the options available.”

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