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Coronavirus: RBS and NatWest customers may see mortgage payments deferred

Mortgage customers of NatWest and Royal Bank of Scotland affected by the coronavirus can defer loan repayments by up to three months if they are experiencing financial difficulties.

RBS / NatWest said that customer situations will be examined on a case-by-case basis and that various potential options will be combined with them.

Although there is not a single “global coverage”, the help that customers could be offered in the event of financial difficulties includes requesting deferment repayments of mortgages and loans for up to three months.

Customers affected by coronavirus may also request an increase in temporary credit card limits and may be able to close fixed savings accounts to access cash at no charge for early termination.

Those struggling to cope can also request a debit card cash withdrawal limit increased up to £ 500.

A spokesman for the banks, which are part of the same group, said: “We are monitoring the potential impact of coronavirus on all our customers to make sure we can adequately support them in any outage period.

“We have solid experience in working with our customers who are affected by outages beyond their control.

“We understand that there may be circumstances in which a personal customer may face financial difficulties due to the impact of the coronavirus, such as loss of income.

“We will try to understand each client’s situation on a case-by-case basis and we can offer a range of options to help them manage their finances. We encourage any client with financial difficulties to get in touch with us.”

In the meantime, TSB has stated that its coronavirus mortgage customers can request a repayment vacation of up to two months.

TSB savings customers will be able to waive early closing fees on Isa fixed rate products and will allow fixed bond customers to waive their policies early to access their money.

Credit card customers may request an emergency credit limit increase and current account customers may request an increased cash withdrawal limit of up to £ 500 or more depending on the individual case.

TSB business banking customers should contact TSB if interested, the bank said.

Barclays said it will also remove penalties so that people can access fixed savings accounts for those affected by coronavirus early and allow customers to request a temporary increase in their credit card limit.

A Barclays statement said: “All customers who are experiencing difficulties due to Covid-19 can contact our specialist support colleagues if they have problems with mortgage repayments, overdrafts, personal loans or credit cards.

“These customers can also access their fixed savings accounts early without paying penalties.”

Barclays also has a number of potential measures for business customers, including 12-month principal repayment holidays on existing loans over £ 25,000 and increasing overdraft facilities.

Santander also said that he will examine each client’s situation and explore ways to support them according to specific circumstances.

Bank customer support includes the ability to potentially defer or reduce repayments due.

A Santander spokesman said: “Santander has a team of experts on hand to support customers who have been affected by the coronavirus. Anyone who has been affected can speak to us on 0800 9 123 123. “

Last week, the UK Finance trade association said that banks, construction companies and credit card providers are aware that some customers may be concerned about the effect that the coronavirus contract could have on their finances. for example due to a drop in revenue or due to unexpected expenses or bills to be paid.

UK Finance said that support could include offering or increasing an overdraft or granting a repayment for loans or mortgage repayments. He said asking for help early is the key.

Mark Harris, managing director of the SPF Private Clients mortgage broker, said: “The lenders are reasonably attuned to any disease that compromises a borrower’s ability to pay the mortgage, be it coronavirus or something else.

“They might ask for evidence of malaise, but the message to borrowers, especially self-employed workers who are more likely to be hit in terms of income, is that whenever you struggle to pay off your mortgage, get in touch with your lender.

“Don’t bury your head in the sand and hope the problem goes away, it won’t.”

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