credit;PA
NatWest and Royal Bank of Scotland mortgage customers affected by coronavirus could defer their loan repayments for up to three months if they are in financial difficulty.
RBS/NatWest said customers’ situations will be looked at on a “case-by-case” basis and various potential options will be matched to them.
While there is no single “blanket provision”, the help that customers could be offered if their finances are in difficulty includes requesting mortgage and loan repayment deferrals for up to three months.
Customers hit by coronavirus could also apply for increased temporary credit card limit and may be able to close fixed savings accounts to access cash with no early closure charge.
Those struggling to cope may also request an increased debit card cash withdrawal limit of up to £500.
A spokesman for the banks, which are in the same group, said: “We are monitoring the potential impact of coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.
“We have a strong track record in working with our customers who are affected by disruption outside of their control.
“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. We would encourage any customer experiencing financial difficulty to get in touch with us.”
Santander also said it would look at each customer’s situation and explore ways to support them depending on their specific circumstances.
The bank’s support for customers includes the option to potentially defer or reduce repayments that are due.
A Santander spokeswoman said: “Santander has a team of experts on hand to support customers who have been impacted by the coronavirus. Anyone who has been affected can talk to us on 0800 9 123 123.”
Last week, trade association UK Finance said banks, building societies and credit card providers understand that some customers may be worried about the effect that contracting the coronavirus could have on their finances, for example due to a fall in income or because of unexpected expenses or bills to pay.
UK Finance said support could include offering or increasing an overdraft or allowing repayment relief for loan or mortgage repayments. It said asking for help early is key.
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