Moreover, the lender outlined that it is offering tailored support to members who need it, including payment deferrals for an agreed period of time.

This support also applies to members of the building society’s second charge loans business, Nemo.

Julie-Ann Haines, chief executive at Principality Building Society, said: “As a mutual, member-owned organisation we want to help people stay in their homes for as long as possible.

“This is a tough time and there is likely to be great uncertainty for some of our members. Some people might be worried about what to do next if their mortgage payment holiday has come to an end.

“Halting repossessions until July next year will give some members who are in arrears the support needed to get them back on track.

“It is important we look at the bigger picture and support our members at a very difficult time. People are worried about their health, concerns about reduced incomes, or lost their job, but the household bills remain the same.

“We want our members who are having problems to feel secure and will encourage them to be open with us in discussing their concerns.”