Mortgage holiday extension- not from Skipton apparently

PamOlo

Has any bank or building society stated that they will not be extending the mortgage holiday for a further three months? Speaking to an advisor today and she stated that the last they had been told was that Skipton will not be extending.

gt94sss2

Skipton won't have a choice. It's a government requirement - but it's new so the person you spoke to might not have known.
Keep an eye on https://www.skipton.co.uk/corona-virus-updates which says if you have an existing payment holiday, they will be writing to you

PamOlo

The person I spoke to today said that if they don't offer an extension they would offer other alternatives, I assume they mean lengthening the term of the mortgage or lower payments. Are banks required to give you an extension if you apply? Many thanks

[Deleted User]

They are technically right, it has been agreed between the government and the banks that they will offer to extend the payment holiday on mortgages, however the terms of that agreement were not finalised until 02/06 and are being actioned by the banks, with the first banks expecting to begin offering them and accepting applications for payment holiday extensions from today, some may take a week or two to go live.
As the initial payment holidays went live in mid-March and were for three months the payment holiday extensions are not required until mid-June, by which point the system will be in place.