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HSBC and First Direct offer help to those financially affected by coronavirus

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12/03/2020
HSBC and First Direct will offer mortgage and loan help to customers facing financial difficulty as a result of the coronavirus outbreak.

The banks, part of HSBC group, announced a package of support for customers as they tackle the financial impact of COVID-19.

This includes:

  • Reduced or deferred payments for mortgages in the short-term, as well as in the longer-term, giving customers the opportunity to apply to extend the remaining term of their mortgage or switch their rate to part or all interest-only mortgage arrangements
  • Giving customers early access to fixed rate savings accounts without charge
  • Support for customers with unsecured debt through reduced payments or breathing space to defer payments due
  • Temporary increase in credit card and overdraft limits.

Anna MacFarlane, commercial director at First Direct, said: “We know some of our customers will be affected financially by COVID-19. To help our customers who need some support we have a range of measures to help them through these uncertain times.”

Ian Stuart, CEO, HSBC UK, added: “We’re encouraging our personal customers to contact us if they are concerned about their finances so we can help find the most appropriate solution for their individual circumstances.”

RBS/NatWest and TSB announced similar measures earlier this week.

Last week, UK Finance said banks and building societies were ready and able to offer support to customers who contract the virus.

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