The Financial Conduct Authority (FCA) has confirmed mortgage holders will get more support if they face payment difficulties due to coronavirus.
People struggling as a result of the pandemic can currently request a three-month mortgage holiday - but these were set to expire on 31 October.
Banking industry body UK Finance said lenders have granted more than two million mortgage payment deferrals since the scheme came into effect in late March.
The new rules are designed to make sure people who have used payment deferrals but still face financial difficulties continue to get the support they need.
They also mean people whose financial situation is newly affected by coronavirus can take a break from mortgage payments after 31 October.
As well as extending help, under the new regime, people can get a more tailored payment break - seeing them make reduced payments if they can afford to as well as take a full holiday.
FCA interim chief executive Christopher Woolard said: “Some consumers will continue to be impacted by coronavirus in the coming months, or be impacted for the first time.
"Consumers in these situations will benefit from firms providing them with tailored support."
As well as payment breaks, banks can now make changes including extending repayment terms or restructuring mortgages as well as offering holidays.
“It is very important that consumers who can afford to resume mortgage payments should do so for their own long-term interests and so that help can be targeted at those most in need,” Woolard said.
Lenders have also been told to prioritise support for borrowers who are at most risk of harm, or who face the greatest financial difficulties.
Providers have also been told to point borrowers to where they can find help in managing their finances, including self-help, money guidance, or places they can find free debt advice.
However, a key part of the help is also being withdrawn.
Borrowers who have taken, or are taking, payment deferrals and who need extra support, can now have that reflected on their credit files.
This also applies to people asking for mortgage help after 31 October.
Until 31 October 2020 you can still apply for help under the old scheme, however, letting you take a first or second three-month payment holiday.
The new rules come into force on 16 September 2020.
Eric Leenders, managing director of personal finance at UK Finance, said: “The banking and finance industry is committed to providing ongoing support to those facing financial difficulty as part of our clear plan to get the country through this crisis.
“Lenders understand that many households will continue to see their finances squeezed as the pandemic continues and will be offering a range of support for those who need it. It is essential that customers go online or contact their lender to consider the best solution for them.
“Firms will be communicating with customers whose mortgage payment deferral is coming to an end to discuss the options available. Those who can afford to resume payments should do so, as it will always be in their best interests in the long run.”
