James Tucker: Industry switching focus to short-to-medium term

James Tucker, chief executive of Twenty7Tec, has said that the industry is switching its focus from the very near future to the short-to-medium term.

This is with regard to the Financial Conduct Authority’s consideration of extending the three- month mortgage holiday

Tucker said: “The industry is having to move through the gears at the moment. Last week it was able at short notice to put in place some great solutions in light of the changed circumstances.”

Now the industry needs to make sure that it balances the need for immediate relief with the challenges we face in the months ahead, he added.

According to the government, it is predicting the height of the challenge to be in around 10-11 weeks’ time.

Tucker said: “Anyone who immediately took a mortgage holiday currently faces repayments beginning again at a very difficult time.

“We made huge progress last week deploying pragmatism, goodwill and a good dialogue with the government, treasury and the regulators.

“We’re going to need that to continue over coming months to produce the right outcome for everyone.”