Britain extends payment freeze to coronavirus-hit borrowers

Britain’s financial watchdog said on Monday it would extend payment holidays on credit cards, car finance, personal loans and pawned goods before tougher coronavirus restrictions come into effect this week. The Financial Conduct Authority (FCA) also extended until January the availability of deferrals for mortgage payments after Britain announced a one-month lockdown across England would start on Thursday to contain a second wave of the pandemic. Consumers who have not yet had a credit payment deferral under guidance issued in July can request one that lasts for up to six months, the FCA said in a statement. Borrowers who have already had one deferral would be able to apply for a second, the FCA said. “Borrowers should only take up this support if they need it,” the statement added.