UK Finance says 1.9 million mortgage payment deferrals have been granted to borrowers since the launch of the scheme three months ago.

In a new report, the trade body says one in six mortgages in the UK are now subject to a payment deferral, estimated to be worth an average of £755 per month for mortgage holders.

In the first three weeks of the scheme, 1.2 million deferrals were approved.

With many borrowers approaching the end of the deferral period, lenders are scheduled to contact borrowers with options to ensure they are further supported, UK Finance says, adding that those who can afford to resume payments should do so.

Customers who have not yet applied for a payment deferral and are experiencing financial difficulties and those requiring further support after an initial payment deferral can still apply until 31 October this year.

UK Finance managing director, personal finance, says: “Lenders understand that many households will continue to see their finances squeezed as the pandemic continues, and we are working hard to ensure everyone gets the support suited to their needs.

“The industry has a clear plan to help homeowners get through these tough times, and whilst it is best for customers to restart their payments if they can, where this is not possible lenders are keen to help, whatever a customer’s financial situation.”