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“With Halifax and Scottish Widows now calling this, as well as Barclays yesterday, I am sure it will not be long before others to do the same.

Borrowers who take up the mortgage repayment holiday may be denied the chance to switch onto better rates until after their payment break ends, Mortgage Strategy has learned.

Most advisers have already begun working from home, but those still in the office have put in place social distancing measures to keep themselves and their clients safe. Brokers say their diaries have remained busy, as applicants push ahead with remortgages and house purchases. While some brokers are receiving a growing number of enquiries about mortgage protection insurance.

Mortgage lenders have also been urged to clarify whether borrowers who take a payment break will see a damaging impact on their credit scores. Rishi Sunak announced yesterday that borrowers who fall into financial difficulty because of the covid-19 outbreak will be able to defer their payments for three months.

What effect will coronavirus have long-term?

In recent days the UK government has announced plans for payment holidays for mortgage borrowers. The original proposal was for residential borrowers which has since been extended to cover Buy

The coronavirus outbreak has created an unprecedented situation and uncertainty for individuals and businesses. I wanted to drop you an update on how the team at Altura are working through