Which? response as FCA confirms the next stage of support for mortgage borrowers

Gareth Shaw, Head of Money at Which?, said:

“While the FCA has announced some support for certain customers who will struggle financially after the current support period ends, it is disappointing that payment deferrals will no longer be available in the same way.

“We are also concerned about the impact of allowing normal credit reference agency reporting to resume even where consumers fall into temporary difficulty. It is unfair that consumers who have not yet had a deferral but may need support after the furlough scheme ends will feel the effects longer-term.

“Lenders should ensure that people can easily access the support they need and not shy away from offering a range of support options. They must be clear with customers about how any arrangements, such as payment deferrals, will be marked on their credit file.”