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OnTheMarket Plc

How will the three month coronavirus mortgage holiday work?

The three month coronavirus mortgage holiday announced by the Government is aimed at helping those in financial difficulty as a result of COVID-19.

Chancellor Rishi Sunak unveiled the measure on 17 March 2020 as the impact of the pandemic on the UK economy continues to grow.

He said: “I can announce that for those in difficulty due to COVID-19, mortgage lenders will offer at least a three-month mortgage holiday – so that people will not have to pay a penny towards their mortgage while they get back on their feet.

“This will give people the necessary time to recover.”

Here’s how it will work.

OnTheMarket plc (LON:OTMP) provides property search services for buyers, sellers, landlords, and tenants in the United Kingdom.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.