There have been a significant number of measures introduced to help those experiencing financial difficulties because of coronavirus. Throughout the course of the pandemic, the Financial Conduct Authority (FCA) has sought to ensure that lenders provide tailored support to mortgage borrowers who continue to face payment difficulties due to the crisis. 

Since 1 April 2021, suspension on blanket property repossessions where homeowners are significantly in arrears was ended. This change is subject to any government restrictions on repossessions, but lenders may now be able to take steps to enforce a possession order and repossess homes. This should only be done as a last resort and a lender shouldn’t start repossession action unless all reasonable attempts to resolve the position have failed. Prior to 1 April 2021, lenders could only repossess homes with the agreement of the homeowner or if there were other exceptional circumstances. 

Lenders have offered options to homeowners such as:

• making no payments for a temporary period
• making reduced payments for a temporary period
• changing the mortgage term to make payments more affordable

The deadline for applying for many of these assistance options ended on 31 March 2021. However, the FCA's updated guidance states that since 1 April 2021, if you are newly affected by coronavirus (or if it starts affecting you again) your lender should provide support tailored to your circumstances, this may include a payment holiday if that is appropriate.