FCA confirms measures to support closed book and interest-only/part-and-part mortgage borrowers

23 Oct 2020 12:13 PM

The FCA has confirmed the introduction of measures to support some closed book mortgage borrowers, some of whom may be mortgage prisoners. 

It has also issued guidance to help borrowers with interest-only and partial capital repayment (part-and-part) mortgages whose mortgages have matured since 20 March 2020 or will do so in the next 12 months, given the impact of the Covid-19 (coronavirus) pandemic.

The measures announced are:

The rule will come into force from 23 October 2020. The guidance will come into force from 31 October 2020.

The FCA’s consultation, which closed on 8 September, can be viewed here.

Notes to editors