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Banks offer loan and mortgage breaks amid coronavirus outbreak

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Written by: Samantha Partington
10/03/2020
RBS and NatWest will allow borrowers affected by the spread of coronavirus to defer their loan and mortgage payments for up to three months.

The state-owned bank will also offer sufferers refunds on credit card cash advance fees, the chance to temporarily increase their credit card limit and withdraw cash of up to £500. Savers will also be allowed to close fixed term savings accounts early without charge.

A spokesman for the bank said: “We understand there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus, for instance, loss of income.

“We will look to understand each customer’s situation on a case-by-case basis and can offer a number of options to help them manage their finances.”

TSB has also confirmed it will let mortgage customers apply for a repayment holiday but for up to two months only.

The bank will also waive early closure fees on fixed rate products and allow fixed bond customers to surrender their policies early to gain access to their money.

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

The banking group also introduced similar measures last month allowing customers affected by the serious flooding across England, Wales and Scotland to defer mortgage and loan repayments.

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