Mortgage News
Just cuts interest rates for borrowers hit by coronavirus property lockdown
Just Group is reducing interest rates on lifetime mortgages of properties where the borrower has recently died or gone into care, as a temporary measure during the coronavirus outbreak.
The equity release lender said it recognised some customers cannot sell their home because of the lockdown restrictions on the housing market.
There are thousands of people across the mortgage industry in this position, Just estimated.
The changes will be backdated to 26 March, which was when the government advised all home moves should be postponed until social distancing restrictions have eased.
The policy is to run for three months and will be kept under review.
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Paul Turner, managing director, retail at Just (pictured), said: “Many of our customers are unable to sell their properties as the government lock-down has effectively closed the housing market.
“We don’t have the power to open the housing market but we can help our customers and their families by giving them hundreds of pounds on average.”