Coronavirus and mortgage worries

It is understandable that the current COVID-19 pandemic has caused many financial worries, and in some cases, financial hardship.

The team at FOCUS are fully committed to maintaining operations for our clients so that we are able to continue providing our services as normal, as well as the additional support for those concerned about the effect this may have on their insurance arrangements.

That said, we are also endeavouring to provide the most up to date information for our clients, as well as keeping up to date with the regulatory updates issued by the financial regulator and the government.

It has recently been announced that all banks will be offering mortgage payment holidays to both residential and buy to let customers over the coming months.

It is important that you get the most up to date information from your own mortgage provider and keep yourself up to date with the help that is available.

If you are currently suffering from financial hardship, you should contact you mortgage provider and other providers of any financial agreements as soon as possible.

The Financial Conduct Authority, high street banks and her Majesty’s Government are working together in order to support all consumers. It is likely that you will have already received COVID-19 related communications from many service providers, including your mortgage provider.

Whilst payment holidays, deferred or reduced payments may be agreed by your bank, it is highly likely they will conduct a financial assessment to determine your eligibility for these reliefs, dependant on your financial need. Relief services, deferred payments and payment holidays should not be considered guaranteed. Regardless of this, high street banks are committed to helping customers in need. It is most important to contact your providers so that they can help you.

For more information please see the current reporting by the BBC: https://www.bbc.co.uk/news/business-51817947

As well as the regular announcements issued by HMRC and HM Government: https://www.gov.uk/government/news/payment-holidays-offered-to-help-to-buy-homeowners-affected-by-covid-19

You can also find useful information if you are renting and fall into financial hardship here: https://www.gov.uk/government/news/complete-ban-on-evictions-and-additional-protection-for-renters

If you have any questions or concerns regarding your insurance, please do not hesitate to contact us.

FOCUS Oxford Risk Management Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (www.fca.org.uk/register) under reference 773843.
Registered in England & Wales No. 10428089. Registered address: 1 Golden Court, Richmond, Surrey TW9 1EU.

THE GUIDANCE PROVIDED WITHIN THIS WEBSITE IS SUBJECT TO THE UK REGULATORY REGIME AND IS THEREFORE PRIMARILY TARGETED AT CONSUMERS BASED IN THE UK.
FOCUS is a trading name of FOCUS Oxford Risk Management Ltd.

© 2020 FOCUS Oxford Risk Management Ltd
Web Design by Urban Element