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NatWest and TSB announce support for borrowers affected by Coronavirus

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Written by: Mortgage Solutions
10/03/2020
The lenders said borrowers will be able to miss payments if they face financial difficulties as a result of the virus
NatWest and TSB announce support for borrowers affected by Coronavirus

NatWest, RBS and TSB have offered a mortgage break to coronavirus sufferers, on the same day Italy announced that all mortgage repayments are to be suspended across the country.

RBS and NatWest will allow borrowers affected by the spread of coronavirus to defer their mortgage and loan payments for up to three months.

The state-owned bank will also offer sufferers refunds on credit card cash advance fees, the chance to temporarily increase their credit card limit and withdraw cash of up to £500. Savers will also be allowed to close fixed term savings accounts early with no charge.

A spokesman for the bank said: “We understand that 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.”

TSB payment holiday

Customers with a TSB mortgage can apply for a repayment holiday of up to two months.

New borrowers joining TSB have been advised that mortgage advisers will work with them to understand their individual circumstances.

Savings customers with fixed rate accounts will also be able to take money and shut accounts with early closure fees waived.

Business customers have been advised to contact the bank where they will be helped on a case by case basis.

Last week, UK Finance said banks and building societies were ready and able to offer support to customers who contract the virus.

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