Last month the FCA and the Treasury put forward proposals for lenders to support mortgage borrowers and the new guidance starts on 4 June 2020.

This only applies to mortgages, other consumer credit products are covered by separate guidance which will be updated at a later date.

Full details are here but briefly borrowers who are already taking a payment holiday may apply to extend it for a further three months. New applicants can apply until 31 October 2020.

Repossessions have been banned until 31 October 2020.

Christopher Woolard, interim chief executive at the FCA, said: “The measures we have confirmed today will mean anyone who needs to can get help from their lender, if they are still struggling to pay their mortgage due to coronavirus.

“It is important that if a consumer can afford to re-start mortgage payments, it is in their best interests to do so. Customers should talk to their firm about the best option available for them.”