You are here: Home - Credit Cards & Loans - News -

Banks offer loan and mortgage breaks amid coronavirus outbreak

0
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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Coronavirus: top travel insurance tips if you’ve got a holiday booked

Guidance around coronavirus is changing on a daily basis, with the latest advice from the Foreign and Commonwealth Office (FCO)...

Close