Mortgages: Coronavirus
(asked on 20th April 2020) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with mortgage providers on automatically extending mortgage offer deadlines for people unable to exchange contracts for a property purchase due to the covid-19 outbreak.
Following discussions with Government, UK Finance announced on 26 March that mortgage lenders will give customers who have exchanged contracts the option to extend their mortgage offer for up to 3 months to enable them to move at a later date.
The Ministry of Housing, Communities and Local Government has also issued guidance for home moving during the COVID-19 outbreak which advises that all parties should work to delay the exchange of contracts until after the period where stay-at-home measures to fight COVID-19 are in place. The guidance can be viewed in full here: