Home movers given up to three months to extend mortgages due to coronavirus

HOME movers will be given the option to extend their mortgage offer for up to three months during the coronavirus crisis, lenders have said.

It means Brits will be able to move home at a later date as the Government continues to urge people to only go outside if absolutely necessary.

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The option will be available to all customers affected by coronavirus who’ve already exchanged contracts.

The extension could mean delaying the start date of a mortgage deal, or extending a mortgage deal at the end of its term - but this will vary by lender.

Lenders will also look to support property owners if their financial circumstances change greatly during the three-month period.

Stephen Jones, chief executive of UK Finance, said: "Lenders recognise that many people looking to move into their new home are facing significant stress and uncertainty due to the impacts of coronavirus.

Gareth Shaw, head of money at Which?, said: “It is positive to see lenders taking a proactive approach, and this latest initiative will provide some relief for home movers who have had to halt purchases.

“Mortgage providers must move swiftly to provide those affected with clear guidance on how the initiative will work in practice.”

It comes after the government urged house buyers to put their imminent property moves on hold during the UK lockdown.

Housing Secretary Robert Jenrick said those due to move house should rearrange to a new date.

He said even those scheduled to move today, March 27, should rethink plans to bring in the removal vans.

Mr Jenrick tweeted: "I know that many people across the country are due to move house tomorrow.

"Whilst emergency measures are in place, all parties should do all they can to agree a new move date.

"If you're socially isolating or being shielded, it's especially important to try and delay."