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Oct 31 (Reuters) - The UK Financial Conduct Authority said
on Saturday it would propose updates to its guidance to support
mortgage borrowers on Monday, as the British government
announced further measures to control the spread of COVID-19 in
England.
The FCA will propose that mortgage borrowers who have not
yet had a payment deferral can request one for up to six months,
it said in a statement.
Borrowers who already have a payment deferral for a period
of less than six months would be able to extend that deferral
for a maximum of six months, the FCA said.
"It may also be in the interests of mortgage borrowers who
expect to have long-term financial difficulties to agree other
forms of tailored support with their lender," the FCA added.
It said it was also considering the implications of this
approach for consumer credit, and that it was working to
determine whether a similar approach should be adopted for
consumer credit products.
(Reporting by Juby Babu in Bengaluru; Editing by Kevin Liffey)
