Payment holiday for one in seven mortgages
their doors,” Sam said.
“Many of them are still having to pay out for rent. Many of them have cellars full of beer they can’t sell because it will be out of date by the time we can reopen.
“At Le Pub we are lucky enough to serve food so have been able to move into deliveries to keep some money coming in but a lot of venues don’t have that option.
“The financial support from the Government has helped in the short term and the Job Retention Scheme has taken a great weight of venue owners minds as they are able to look after their staff during the crisis.
“Unfortunately music venues tend to break even rather than turn a profit so very few can benefit from the CBILS scheme as they are not eligible.
“Funding was made available by Creative Wales and a number of venues benefited from that.
“However, as we move forward with more and more uncertainty as to when we can start putting bands on the stage and customers at the bar, we are still left wondering where the next quarter’s rent is going to come from and what the future holds.”
Sam, who’s also the Music Venues Alliance Welsh coordinator for MVT, said: “Music Venue Trust’s #saveourvenues scheme aims to put artists and venues together to raise funds to secure our future.
“A lot of venues, Le Pub included, have pledged any money raised above their target will be donated to Music
Venue Trust to help others venues that may be in more trouble than them.
“This is a really amazing movement of people across the country coming together to secure grass-roots music will continue.”
Another Welsh venue getting involved with the campaign is Cwrw in Carmarthen.
It’s only been open seven months, so as first years go, this one has been an experience.
Michael Hilton, 35, said: “Start-up businesses in their first year usually have a battle on their hands to make it work in a normal climate.
“Even more so for music venues and pubs; as there was a national decline before this crisis.
“Now there is a monumental challenge ahead; not only for Cwrw but for every small venue in the nation. It really is a David and Goliath task to keep the business open and on a personal level, as many know, to put food on the table for your family.
“We have changed our business model and have become a beer delivery service @cwrwcarmarthen and takeout shop; keeping in line with government guidelines.”
Michael added: “The difficulties to keep running are plenty.
“Now the market has flooded with lots of venues delivering and wholesalers are limited to what they have in stock.
“Each venue – like ourselves – still has outgoings to pay and our income has been slashed close to 100%.
“There is a scramble to take a piece of the home delivery market in order to one day have the chance to once again be able to open the doors and provide live music and good times. It is now up to owners to diversify and for the public to support in order for venues like Cwrw to one day return to some sort of normality. Whatever that may be.
“The Music Venue Trust has been a beacon of hope for venues. It has provided key information about funding, industry updates, current information, advice and most importantly an ear to share our problems with.
“With #SavesOurVenues campaign it has highlighted what MVT can achieve. It brings hope and unifies venues nationwide so the industry can stand together.” Mark Davyd, MVT’s chief executive, said: “Without the support of music fans and artists, literally hundreds of the UK’s grass-roots music venues could go out of business, never to return, in the coming months. “Please help to save every single grass-roots music venue in the UK so that it can reopen after this crisis and continue to be a home to our musicians and our communities.”
Artists are being encouraged to choose a venue that is currently in crisis from an interactive map and dropdown menu, which can be found on the campaign website at www. saveourvenues.co.uk
Mark Davyd of the Music Venue Trust
ONE in every seven mortgages is now subject to a payment holiday, due to measures supporting people in financial difficulties due to coronavirus.
As of last Friday, lenders had granted more than 1.6 million mortgage payment holidays, trade association UK Finance said.
For the average mortgageholder, the payment holiday amounts to £755 per month of suspended payments.
UK Finance also said firms are waiving a rule in order to help customers move over to a new mortgage deal with their lender.
Normally, customers who are coming to the end of a fixed-term deal would not qualify for a product transfer if they are currently on a mortgage payment holiday.
But UK Finance said that, given the current exceptional circumstances, lenders are waiving this rule to help borrowers affected by Covid-19.
Product transfers are for likefor-like mortgages and tend not to require borrowers to go through a new affordability assessment, meaning existing borrowers who have been furloughed will also be eligible.
Robin Fieth, chief executive of the Building Societies Association (BSA), said: “Lenders are working hard to help in a range of ways and it is right that this now includes the ability for those on a three-month payment holiday to be able to switch on to a new product with their existing lender at the end of a fixed-term product should the two events coincide.”
Kate Davies, executive director of the Intermediary Mortgage Lenders Association (IMLA), said: “This agreement builds on the commitment made by lenders in July 2018 to contact customers who are coming to the end of a mortgage deal and discuss what alternative options might be available.
“It offers additional - and no doubt welcome - reassurance that customers will not be penalised if they have sought an approved payment holiday during this difficult period.”
Three-month mortgage payment holidays may be offered to borrowers who are up to date with their payments.
But interest will continue to accrue and borrowers will still owe the money when a payment holiday has been granted - so the overall mortgage debt will continue to build up and it will still need to be paid off. Borrowers could also consider making partpayments.
More than a third of all payment holiday approvals so far were in the early days of the lockdown, between March 25 and April 1.
Without the support of music fans and artists, hundreds of the UK’s grassroots music venues could go out of business