The Royal Bank of Scotland has deferred mortgage repayments.
Update – RBS and other lenders have now extended the mortgage deferment for up to 6 months for customers affected by the coronavirus outbreak.
RBS says it will also waive early closure charges on fixed savings accounts. Also provide refunds on credit card cash advance fees to help affected customers access much needed funds. Customers will be able to ask for an increased cash withdrawal limit of £500. Helping them cope with the outbreak as well as higher temporary credit card limits.
The bank has followed the lead of the Italian government. RBS said it will suspend mortgage repayments including household bills across the nation as the country is put on lockdown. Emergency measures in the country will see tax and small interest payments halted for an indefinite period of time. Attempts to keep businesses and households ticking-along come. European markets suffered some their heaviest losses since the devastating 2008 financial crash.
An RBS spokeswoman 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.’
RBS and other banks Helping Companies and the Public
Meanwhile Natwest has promised £5 billion in funds for small and medium sized UK businesses. Who are losing out from coronavirus-related disruption. It has also vowed to allow overdrafts beyond existing limits and credit card as high as £500,000 to help people with their cashflow.
The bank, which is part of the RBS group.Says the money is an extension of its current £6 billion growth funding package firms who could struggle with the fallout of Brexit. New funds will be used to provide temporary no-fee loans and cover repayment holidays of up to six months. Natwest said it would contact small firms experiencing short-term trading issues due to coronavirus and offer them support. The state-backed bank’s CEO Alison Rose said: ‘This is a priority for NatWest and we will remain proactive. Continuing to listen to our customers – we are here to support and can help businesses manage any short term disruption.’
Meanwhile Lloyds is offering relief on fees and loan repayments to small firms hit by the disease. Which has now infected 319 people in the UK, killing five patients. Britain’s biggest domestic bank said it would offer £2 billion of finance with no fees to affected small firms with a turnover of up to £25 million. The funding is part of its expected 18 billion pound of business lending this year. Lloyds has itself been impacted by the virus. Shutting a call centre in Northern Ireland. That employs 1,000 people after a member of staff tested positive for the virus.
Whilst other banks are yet to disclose their position. It is likely most will follow in the footsteps of RBS. Life Insurance companies are confident that all current policies will offer the best coverage for customers.