Support and relief from Building Societies and Mortgage lenders

Is your lender offering help yet?

If you’re self employed or running a small business you might have been forced into ‘house arrest’ even if you are fit and healthy, with perhaps a diminished or obliterated income stream. It is a terrifying time. But you are not alone, and this fact has never been more relevant.

It’s not just YOU unable to meet your obligations it’s EVERYONE in the same boat. HMRC have announced a set of packages which they will be fleshing out this week, click here to read about them but will include handout relief and largely underwritten loans to small businesses and the self employed.  Already building societies and mortgage companies are offering payment holidays.   And this is just the start. Other relief is highly likely to materialise.

A range of temporary measures have been announced by some of the UK’s biggest financial institutions and it’s likely that more will rally round. It’s in their interest for the housing market to still be recognisable in a few months time and we’re all hoping that it will only be a few months…

Royal Bank of Scotland (RBS) and TSB are leading the way at the moment, having announced that they will allow customers affected by coronavirus to increase their credit card limits, access savings accounts early, and perhaps most importantly, apply for a mortgage payment ‘holiday’ to defer payments. Three months for RSB and two months for TSB.

RBS also says customers can defer their personal loan payments for up to three months, while other lenders advise customers to get in touch if they’re worried about facing financial difficulties.

Lloyds and Nationwide are offering payment ‘holidays’ too and the former is waiving fees for missed mortgage payments. First Direct are allowing customers to switch rates or extend mortgage terms

We recommend that if you are with other lenders, that you get in contact direct to discuss our individual circumstances.

To read the Which? report which was the source for this post, please click here

Please get in touch to get our latest advice on how you can help yourself in this situation.

Please ring us on 01763 257882 and ask for David or email david@testingspace.co.uk