Covid-19 – How Banks and Mortgage providers may help

 

We have put together a quick review of what support the main banks are offering their business users.  Some more obvious than other!

Also the latest advice from JCPMS mortgage advisors regarding what mortgage providers may do for you.

 

 

Natwest:

• Loan repayment holidays
• Interest rate reductions
• Temporary emergency loans with no fees
• Immediate access to deposit balances with no penalty

 

RBS:

• Loan repayment holidays
• Interest rate reductions
• Temporary emergency loans with no fees
• Immediate access to deposit balances with no penalty

 

Barclays:

• 12-month capital repayment holidays on existing loans over £25,000
• Increased or new overdraft facilities and other working capital solutions
• Access to funding – 360,000 SMEs have pre-assessed lending limits which can be accessed via the Barclays app or online banking
• In addition, the bank has an existing £14 billion lending fund, which we launched in 2019 as part of a three-year commitment to help SMEs build resilience during uncertain

Lloyds:

• No arrangement fees for new overdrafts or overdraft limit increases
• No arrangement fees for new or increased invoice finance facilities
• In certain circumstances, repayment holidays to be provided, to those businesses impacted the most*.

 

HSBC:

Business banking customers should contact us so that we can help each customer based on their individual case.

 

TSB:

Business banking customers should contact us so that we can help each customer based on their individual case.

 

Santander:

Business banking customers should contact us so that we can help each customer based on their individual case.

 

Coop:

Business banking customers should contact us so that we can help each customer based on their individual case.

 

Mortgages:

 

Each case will be assessed on its own merit by each Lender for anyone who has been impacted by Covid-19. Such examples of those impacted by Covid-19 may include:

 

• • Customer or family member who has contracted the virus
  • Customer self-isolating and unable to work or have a reduced income
  • Customer income has been negatively impacted as a direct result of the Covid-19 general situation. Examples could include taxi drivers, coffee shop owners seeing a reduction in trade however this is for illustrative purposes only and an element of empowerment judgment will be applied.
  • Customers who are entering arrears / already in arrears (1-2 months) as a direct result of Covid-19.