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UK lenders have agreed to halt repossessions over the festive period.
Finance lenders
Members of UK Finance and the Building Societies Association (BSA) have agreed on a moratorium on repossessions from the 13th of December.
The moratorium will last through to the 4th of January 2022.
The aim is to allow tenants and residential homeowners peace of mind over the festive period.
Lenders including Barclays, The Co-operative, Coventry Building Society, Halifax, HSBC, Leeds Building Society, Legal & General Home Finance, Lloyds Bank, Nationwide, Skipton Building Society and Yorkshire Building Society have all agreed to the temporary ban.
They say they will not seek or enforce a warrant for possession for both residential and buy to let properties during this time.
Previously, a repossession moratorium was held between March 2020 and September this year to support homeowners financially affected by the pandemic.
Lenders Christmas wish
UK Finance managing director of personal finance Eric Leenders says:
“Lenders have come together to agree a voluntary pause on possessions over Christmas and the new year, providing customers 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.”
BSA head of mortgage and housing policy Paul Broadhead commented on the moratorium:
“Repossessing someone’s home is an absolute last resort and lenders do all that they can to provide people suffering financial difficulties with the tailored support that they need.
“The aim is to help people get back on their feet, but this Christmas and New Year moratorium will give some respite to those who have reached the end of the road.
“For anyone who is facing financial difficulty the message is to get in touch with your lender early, as this gives the best chance of success.”
This will be welcome news to both landlords and residential property owners who are facing financial difficulty during the festive period.
