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RBS and NatWest allow flood victims to delay loan and mortgage payments

Written by: Shekina Tuahene
RBS and NatWest are introducing measures to allow customers affected by the serious flooding across England, Wales and Scotland to defer mortgage and loan repayments for up to three months.

The bank said this was to give customers the chance to “concentrate on getting their homes and businesses back to normal”. 

It will also allow fixed savings account customers to close the product without penalty so they can access cash. They will also be able to apply for a temporary increase to credit card limits or increased withdrawal limits of up to £500. The banking group confirmed it will also refund credit card cash advance fees.

Business customers will be offered loan repayment holidays, interest rate reductions and temporary emergency loans with no fees. 

Alison Rose, CEO NatWest Bank, said: “We are helping customers and business owners affected by the recent flooding by providing additional credit or access to finance where needed, so they can concentrate on getting their homes or businesses back to normal.  

“We would urge affected customers to get in touch with us, either by phone or in a branch, to discuss how we can help.” 

This news comes as the government announced that those affected by Storms Ciara and Dennis could get access to benefits, including a financial hardship payment of up to £500, under the Flood Recovery Framework. 

Those significantly affected will also be entitled to receive council tax relief for at least three months. 

Additionally, homeowners can apply for Defra’s Property Flood Resilience Scheme, which offers up to £5,000 to help make their properties more flood-resistant in the future. The money can be used to pay for property improvements such as the installation of flood doors and raising electrics off ground level. 

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