RBS
Royal Bank of Scotland was first out of the block when it said it will defer mortgage and loan repayments for up to three months for customers affected by coronavirus.
TSB
Fellow high street heavyweight TSB has also confirmed that it will be offering a deferral.
TSB told Mortgage Introducer: “Affected customers with a TSB mortgage may apply for a repayment holiday for up to two months.
“For new customers joining TSB, mortgage advisers and brokers will work with customers and understand their individual position.”
Savings customers will also be able to waive early closure fees on fixed rate ISA products and TSB will allow fixed bond customers to surrender their policies early to gain access to their money.
Read more on TSB withdrawing here.
Santander
Elsewhere Santander has confirmed that it is actively monitoring the situation.
The bank told MI: “Santander has a team of experts on hand to support customers who have been impacted by the coronavirus (COVID-19).
“Anyone who has been affected can talk to us on 0800 9 123 123.”
It is now expected that more lenders will follow RBS and TSB’s lead and offer deferrals.
We will be updating this page throughout the day so please come back regularly.
Barclays
Barclays have removed penalty charges to access fixed savings accounts early, and it will allow customers to apply for a temporary increase on their credit card limit.
A spokesperson for the bank said: “Any customers suffering hardship as a result of COVID-19 can contact our specialist support colleagues if they are experiencing problems making repayments to their mortgage, overdraft, personal loans or credit cards.
“These customers can also access their fixed savings accounts early without paying any penalty charges.”
The lender was pushed for comment in relation to mortgages, however, stated that the above information is all they are releasing at this time.
Newcastle Building Society
Newcastle Building Society has outlined that it is aware of the situation and intends to explore options with customers on a case-by-case basis.
The building society told MI: “Customers [should] get in touch with us as early as possible.
“If we can understand their particular issues we can work with them to explore options, agree sensible solutions and provide support during a difficult period.”
Leeds Building Society
Leeds Building Society have stated that they are monitoring the coronavirus situation and that anyone who believes they may not be able to meet their mortgage repayment now or in the future should contact them.
The lender said to MI: “We have a number of options that can help borrowers and will work with them to try to agree a solution that meets their circumstances.
“We assess each case on its own merits.”
More to follow…
