Mortgage payment holiday will apply to limited company BTL products

The three-month mortgage payment holiday to landlords whose tenants are experiencing financial difficulties due to coronavirus, will also apply to those who have borrowed through limited companies, UK Finance has confirmed. 

The chancellor Rishi Sunak announced earlier this week that people struggling with their finances would be able to take a break of up to three months from paying their mortgages.

The decision gives lenders more flexibility to help customers in financial difficulties.

UK Finance, which represents the banking industry, said that the mortgage payment holiday for buy-to-let landlords will also apply to those who have borrowed through limited companies, along with those who have borrowed in their own name.

Both UK Finance and the Building Societies Association have confirmed that all repossession action is to be put on hold for the next 90 days, which includes both homeowners and landlords.

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