Homeowners offered three month mortgage holiday as coronavirus outbreak grips UK

Chancellor Rishi Sunak has announced homeowners will get a "three-month mortgage holiday" if they are suffering financial difficulties due to the coronavirus outbreak.

He said: "For those in difficulty due to coronavirus, mortgage lenders will now offer a three-month mortgage holiday so that people will not have to pay a penny towards their mortgage cost while they get back on their feet."

During the government's daily coronavirus briefing, Mr Sunak said an “unprecedented package” of government-backed loans worth £330 billion would also be made available.

He added: "This struggle will not be overcome by a single package of measures or isolated interventions.

"It will be won through a collective national effort, every one of us doing all we can to protect family, neighbours, friends, jobs.

"This national effort will be underpinned by Government interventions in the economy on a scale unimaginable only a few weeks ago."

Mr Sunak added: "The Government will stand behind businesses small and large.

Live updates on COVID-19 cases near you

England: 1,950

  • London: 480
  • South East: 173
  • Midlands: 129
  • North East and Yorkshire: 86
  • North West: 83
  • East of England: 81
  • South West: 77

Scotland: 171

Wales: 124

"I can announce today an unprecedented package of Government backed and guaranteed loans to support business to get through this.

"Today I am making available an initial £330 billion of guarantees, equivalent to 15% of our GDP.

"That means any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access a Government backed loan or credit on attractive terms.

"And if demand is greater than the initial £330 billion I'm making available today, I will go further and provide as much capacity as required.

"I said whatever it takes, and I meant it."

Boris Johnson has also said the Government will do "whatever it takes" to support the economy through the coronavirus outbreak.

  • Coronavirus

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