Mortgage lenders will offer borrowers a three-month holiday on repayments if they are facing difficulties caused by the novel coronavirus outbreak.
Chancellor Rishi Sunak (pictured) made the announcement during the government’s second daily update on the coronavirus.
Sunak said: “People will not have to pay a penny towards their mortgage cost while they get back on their feet”.
He added he would announce further measures in the coming days to help support people’s financial security.
This news comes as a number of lenders confirmed they will relax on rules to help borrowers who are unable to make mortgage repayments due to the pandemic.
Lloyds Banking Group and NatWest were the latest banks to announce support for mortgage customers, with both saying borrowers would not have a black mark on their credit history if they missed payments due to the virus.
The support for landlords and tenants through this measure is not yet clear.
More details about how this will work exactly are expected shortly.