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Nationwide confirms mortgage holidays will not damage borrower credit history

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  • 17/03/2020
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Nationwide confirms mortgage holidays will not damage borrower credit history
Nationwide is the latest lender to confirm payment holidays offered to households in financial difficulties will not damage borrowers’ credit files.

 

A spokesperson told Mortgage Solutions: “We continue to support members affected by coronavirus on a case-by-case basis and that includes offering payments holidays where needed. These will not be registered as arrears on the credit file.”

Earlier, Mortgage Solutions reported that Lloyds Banking Group customers will not be charged fees for missing mortgage payments because of the coronavirus.

The banking giant also confirmed payment holidays would not be classed as arrears, as did NatWest.

NatWest said its debt managers would question borrowers to understand the root cause of the financial difficulty to establish how it related to the coronavirus when a customer contacted them.

If a customer is already in arrears when they approach NatWest for additional help they will continue to be in arrears when the bank looks at what further support it can offer.

 

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