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Nationwide offers second mortgage payment breaks

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18/06/2020
Nationwide Building Society has rolled out second mortgage payment breaks for homeowners who continue to face financial difficulty due to coronavirus.

The mutual said members coming to the end of their first mortgage payment holiday will be contacted about their options.

Those who are still financially impacted as a result of the pandemic will be directed to an online website where they can pick an option suitable to their circumstances.

This includes a partial or full mortgage break for the next three months. However, Nationwide warned that all payment breaks will continue to accrue interest, though the payment holidays won’t be reported on credit files. But lenders can use them to assess mortgage affordability.

Additional measures coming before the end of June include extending mortgage payment breaks to buy-to-let landlords.

Nationwide said it is encouraging landlords to apply for the breaks if their tenants are struggling to pay rent due to Covid-19, and where possible to pass on the benefit.

Further, no mortgage member falling into arrears as a result of Covid-19 will lose their home until the end of May 2021 if they work with the society to get their finances back on track.

Henry Jordan, Nationwide’s director of mortgages said: “Many people are still experiencing financial difficulties as a result of the outbreak and we want to support where we can. While we would always encourage people to pay what they can, there are cases where this is just not possible. For those who continue to be financially impacted as a result of Covid-19, we are here to support them.

“Our Home Support Package is designed to help our members keep their homes. The unknown timeframe of how long this impact will last has led us to halting repossessions linked to Covid-19 until the end of May 2021 to give our members as much reassurance as we can. All that we ask is that our members continue to engage with us so that we can agree with them the best way to help them.”

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