1.9 million mortgage payment deferrals, also known as payment holidays, have been granted in the three months since the launch of the scheme, UK Finance figures show.
One in six mortgages are now subject to a payment deferral and 1.2 million deferrals were approved during the first three weeks of the scheme.
Lenders will now contact borrowers before the end of their deferral period with a range of options to ensure they are supported through the coming months.
The range of ongoing support available includes a further full or partial payment deferral, a move to interest only payments for a period, or extending the term of the mortgage to reduce payments, depending on the borrower’s circumstances.
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 2020.
Eric Leenders, managing director of personal finance at UK Finance, said: “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.”