Trust Deed Scotland understands that Mortgage lenders have announced support for those who need to take time off work because of coronavirus, including a mortgage break.
You will need to speak with your mortgage lender directly to find out if they will be able to offer you a mortgage payment break, or any other form of financial support, based on your personal circumstances.
In normal circumstances, lenders would take an extensive look at your personal circumstances to provide you with the best option. This is now being relaxed to allow for an easier process to be put in place.
Therefore, it’s important that you contact your mortgage lender as soon as possible if you have been, or think you will be impacted by Coronavirus. By doing this, you can come to a mutual decision whether the break is the right solution for you.
Royal Bank of Scotland and its subsidiary Natwest, are offering three-month payment breaks to their mortgage customers, waiving early closure charges on fixed savings accounts and refunds on any cash advance fees. First Direct has introduced a mortgage extension programme, which allows people to extend the remaining term of their mortgage or switch their rate.
Barclays Bank have removed all penalty charges for accessing fixed savings accounts early. Santander is offering support tailored to individual situations such as deferring or reducing repayments that are due in the coming months
The majority of UK banks are offering increases on withdrawal limits on debit cards or credit cards. However, if you are considering extending your credit limit, think about what you can do to avoid this scenario, treat it as a final option as you will need to repay this at a later date.
Some banks are waiving any fees for missed payments.