The Coronavirus Outbreak

The term ‘outbreak’ is scary, you feel that this whole situation could be a scene from “28 Weeks Later”, people with a mild cough or cold are being told to stay isolated for ‘7 days’ – But, hang on, what about paying for your mortgage? Paying for bills?

However, there is good news, those who have been affected by the Coronavirus have been told that banks, especially RBS, TSB & Lloyds will defer mortgage and loan payments for up to three months. They would also a allow a mortgage window, savers could close fixed-term savings accounts without a charge.

This is designed to allow people to access cash if they need it as the impact of the virus has caused them to feel unwell or be isolated from work, or some sort of income.

If you’re self-employed or own a business, banks are also supporting affected businesses.

In some cases, mortgage repayment holidays are being taken on a case-by-case basis, and the length of any suspension can vary between banks. Although, there are other support too for those facing financial difficulties owing to the virus, such as:

Refunds on credit card cash advance fees

The option to apply for a temporary increased credit card borrowing limit.

Asking for an increased cash withdrawal limit up to £500

All these measures are similar to those already in place for people facing financial difficulties, so we have plenty of experience helping those who are struggling at the moment.

The majority of banks understand that there may be some circumstances where a personal customer may fall into financial difficulty as a result of the impacts of the coronavirus, a lack of income is one of them.

“All banks would consider increasing overdrafts or allowing repayment relief for loan or mortgage repayments for those who are affected.”

Here at Mortgages Remortgages, we encourage customers who think they might be affected to contact their bank as soon as possible to discuss the support available to them.