COVID-19 update
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In light of the exceptional circumstances of COVID-19, on 18 March 2020 the UK Government introduced emergency legislation to protect homeowners, renters and landlords affected by coronavirus. This has been termed the Coronavirus Act 2020.
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What has the government announced?
Coronavirus Act 2020
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All court action for repossession was initially suspended for 90 days from 27 March 2020, therefore until 25 June 2020.
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The suspension has since been extended to 11 January 2021, except in the most serious circumstances.
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Lenders and firms should not commence or continue any repossession proceedings against residential or buy-to-let customers at this time.
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That means your lender can't go to court to evict you during that time. Any court action that had already started is to be put on hold.
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Mortgage lenders will also allow a payment holiday for those struggling to cover their mortgage because of coronavirus. Some lenders have introduced additional support, such as no fees for late payments or switching customers to a lower interest rate.
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As a result of these measures no one in private or social accommodation needs to be concerned about the threat of eviction or repossession.
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This situation is being kept under regular review by the Government.
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This is incredibly positive news and provides much needed relief for homeowners, renters and landlords who have been impacted by the coronavirus. Furthermore, Government policy is evolving on a daily basis and this mortgage payment moratorium may be extended further still, as the coronavirus crisis continues. For ​the full press release, please click here.
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If you have any queries related to repossession or financial difficulties despite the Government's announcement, we are still here to support you during this period - please feel free to get in touch.
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