22 May 2020

Principality response to UK Government announcement on extending mortgage payment holiday

Today (22nd May 2020) the UK Government announced that homeowners struggling to pay their mortgage due to Covid-19 may be able to extend their mortgage payment holiday for a further three months, or restart making reduced payments, in proposals published today.

In response, Julie-Ann Haines, Chief Customer Officer at Principality Building Society, said: “We welcome the guidance issued today by the UK Government and the Financial Conduct Authority. Principality is motivated, as a member-owned building society, to help our members avoid falling behind with their mortgage payments. Our members can be assured that tailored support will be available for those who need it, whenever that may be.

“We will continue to support our members who are having financial difficulties as a result of the Covid-19 pandemic by being flexible in how we can support them and have a range of options for members coming off payment holidays. It’s important to remember that the interest on mortgages still accrues during a payment holiday. I’d encourage those that can afford to pay their mortgage to do so, as extending payment holidays will not always be the best option for borrowers.”

Principality will contact its members once details from a UK government short consultation are announced. 

Members can visit https://www.principality.co.uk/coronavirus for the latest updates.

Published: 22/05/2020