The UK is gearing up for the oncoming coronavirus, with the new reporting the daily statistics of cases of the virus going up day-on-day.
As a result, many individuals are having to self-isolate at home, which means they are unable to go to work as well as those diagnosed with the virus who will obviously be absent due to illness.
For those unable (or too poorly) to work from home, this may cause a disturbance in their regular income – which could cause issues with mortgage payments.
The RBS/Natwest Banking Group have announced they intend to help those suffering financial disruption as the result of the virus by offering mortgage holidays – to defer their monthly mortgage payments for an agreed term while they are ill.
This will be conducted on a case-by-case basis, where those who are suffering financially as the result of the virus can get in contact with their bank and negotiate what the bank might be able to provide insofar as financial relief.
A spokeswoman for RBS/NatWest group stated:
“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. We would encourage any customer experiencing financial difficulty to get in touch with us.”
The banking giant is also offering the following allowances for virus-hit customers on a case-by-case basis:
- Refunds on advanced on credit card fees
- Ability to apply for a temporarily higher credit card borrowing limit
- Ability to request an increased cash withdrawal limit (up to £500)
- The option to close fixed savings accounts early without early closure fees – so they can access their cash to bridge the gap in income
This is similar to the mortgage payment holiday offered by many UK banks to those impacted by the floods resulting from the Storms which battered the UK in early 2020, and comparable to those already in place to help those encountering financial difficulties.
For those not banking with RBS or NatWest, these or similar benefits may be open to you should you come down with the virus.
UK Finance’s Chief Executive Stephanie Jones has indicated that all banks would be considering measures such as increasing overdraft or mortgage/loan repayment breaks for those diagnosed with Coronavirus. She stated, “We would encourage customers who think they may be affected to contact their provider as soon as possible to discuss the support available to them”.
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