Mortgage lenders and Rishi Sunak help borrowers effected by Coronavirus
Wednesday 18 March, 2020
Katherine Mumford, Mortgage Broker & Protection Adviser in Tottenham, North London reviews how mortgage lenders are working to help anyone who is struggling to pay their mortgage because of the Coronavirus.
In addition to direct help from the mortgage lenders, Rishi Sunak has unveiled three-month mortgage ‘holidays’, as part of an ‘unprecedented’ set of financial measures to support the UK economy.
With the uncertainty of Coronavirus many people are in fear of their job status and financial wellbeing. If you are one of these people, the good news is lenders are trying to assist as much as possible. Today/Yesterday NatWest, Lloyds and Nationwide have all announced that if a client is unable to make mortgage payments due to an issue arising from Coronavirus, they are not going to put this down as an arrears which would affect your lending at a later date.
But if you are concerned about your ability to make your mortgage payment or other financial commitments please do not just make the payment. Instead speak to the provider to see how they can assist you. The lenders above have said that they will not mark the payment as an arrears and other lenders may follow suit. However, they may also be able to come to an arrangement with you in order to ease the burden.
‘Several of our clients have been in touch as they are concerned about what will happen if they are unable to make their mortgage payment if they are off work with the Coronavirus and are only entitled to statutory sick pay. It is encouraging that many lenders have recently announced measures to support anyone in these circumstances. We recommend anyone who is concerned calls their lender as soon as possible.
It is also encouraging to have received news from the government of the introduction of three-month mortgage holidays for those in financial difficulty due to coronavirus.
If you have a mortgage arranged by Thomas Oliver call a mortgage broker in our mortgage broking team based at Goff’s Oak on 01707 872000 and we will try and assist you.’