Loan payments deferral plan to help customers

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 there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus.

“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.”

Barclays said it will also remove penalty charges so people can access fixed savings accounts early for those impacted by coronavirus and enable customers to apply for a temporary increase on their credit card limit.

Barclays said: “Customers suffering hardship as a result of Covid-19 can contact our specialist support colleagues if they are experiencing problems.”

Barclays also has a range of potential measures for businesses, including 12-month capital repayment holidays on existing loans over £25,000 and increasing overdraft facilities.