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'Mortgage payment holiday should be extended' - Archibald

23 January, 2021 - by Caoimhe Archibald

Sinn Féin MLA Caoimhe Archibald has called for the extension of mortgage payment holidays in light of the ongoing restrictions.

The party's economy spokesperson said:

"The Financial Conduct Authority (FCA) has previously put in place guidance on payment breaks for borrowers, including for mortgage holders and SMEs. 

"The period for mortgage payment holidays had been extended until the end of January, however, the maximum that any individual could have a payment break for is six months.

"With restrictions here now extended until the beginning of March and the potential for these to be extended further, I have written to the FCA urging that guidance is put in place to allow for further payment holidays and to enable individuals to obtain a nine month mortgage payment holiday if required.

"I have also urged them to ensure these payment breaks are not subject to additional interest charges.

"This pandemic and the latest round of public health measures has resulted in job losses and financial insecurity for so many borrowers, including mortgage-holders and small businesses.

"The financial institutions including banks need to play their role in supporting people through this unprecedented health crisis and its economic fallout and give small businesses, workers and their families a break."

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