Lenders set out Coronavirus support
Mortgage lenders have been setting out the special measures they are taking to help borrowers affected by the fallout from the Coronavirus outbreak. Santander has today launched a helpline for customers requiring financial support (0800 01 56 382).
The lender says it will consider allowing borrowers in difficulty to defer or reduce payments. It will also consider increasing credit limits and offering help to businesses that are suffering cashflow issues. The bank has warned customers to be on their guard for phishing scams and other attempts by fraudsters to take advantage of the situation.
It has asked customers to make sure they are set up for online banking and know their log in details. First Direct announced yesterday that it would consider allowing affected borrowers to extend the term of their mortgage or switch to a more favourable rate. For borrowers with unsecured debt it might allow breathing space on repayments.
Customers might also be able to increase their credit card and overdraft limits to help cope with financial strain. The announcements come after Royal Bank of Scotland/ Natwest and TSB both said earlier this week that they would allow borrowers suffering a sudden loss of income due to the virus outbreak to defer mortgage repayments.
The RBS/Natwest group says it will allow borrowers to postpone payments for up to three months, while TSB is offering a deferral of up to two months. RBS says loan repayments may also be postponed for the same amount of time. Customers who are struggling as a result of the virus outbreak would also be able close fixed savings accounts to access cash with no early closure charge. Refunds will be applied on credit card cash advance fees, customers can apply for an increased temporary credit card limit, and request an increased cash withdrawal limit of up to £500 for debit cards.
Are you worried about your monthly mortgage repayments given the current situation regarding Coronavirus (Covid-19)?
A number of lenders are offering support or payment holidays for those affected by the disease so it’s important to stay in contact with your lender.
If you wish to talk through your options or concerns, please don’t hesitate to get in touch. I’m happy to help and understand you may have a lot of questions during these uncertain times!