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Mortgage lenders to offer repayment relief to coronavirus customers

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  • 05/03/2020
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Mortgage lenders to offer repayment relief to coronavirus customers
Banks and building societies are ready and able to offer support to customers who contract the coronavirus, according to UK Finance.

 

Lenders understand that borrowers may be worried about the effect of picking-up COVID-19 on their finances, the trade body said in a statement.

Providers could offer repayment relief on mortgage repayments or increase overdraft facilities to help ease financial pressures.

Asking for help early is key to customers affected by the coronavirus, UK Finance said.

Small and medium businesses may also be disrupted by the infection.

Banks are committed to helping viable business to continue trading while they implement contingency plans, the trade body said.

Stephen Jones, chief executive of UK Finance (pictured), said: “Banks, building societies and credit card providers understand that some of their customers may be worried about the effect that contracting the Coronavirus (COVID-19) could have on their finances, for example due to a drop in income or because of unexpected expenses or bills to pay…

“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.”

It comes after the Bank of England and the Financial Conduct Authority (FCA) this week said they were reviewing the coronavirus contingency plans of a wide range of financial firms.

The regulator is assessing operation risks, the ability of firms to continue to operate effectively and the steps firms are taking to serve and support their customers.

The FCA stressed that firms should be taking “all reasonable steps to meet their regulatory obligations”.

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