London Daily

Focus on the big picture.
Thursday, Dec 04, 2025

Coronavirus: Banks to allow customers to defer mortgage payments

Coronavirus: Banks to allow customers to defer mortgage payments

Taxpayer-owned bank RBS will allow people affected by the coronavirus outbreak to defer mortgage and loan repayments for up to three months.

TSB and Lloyds said they would also allow a mortgage window, and the banks said savers could close fixed-term savings accounts without charge.

This is designed to allow people to access cash if they need it as the impact of the virus is felt.

Banks are also announcing extra support for affected businesses.


Mortgage help

Cases of mortgage repayment holidays are being taken on a case-by-case basis, and the length of any suspension can vary between banks.

Other support for individuals facing financial difficulties owing to the virus includes:

Refunds on credit card cash advance fees
The option of applying for an temporarily increased credit card borrowing limit
Asking for an increased cash withdrawal limit of up to £500
The measures are similar to those already in place for people facing financial difficulties.

"We understand that there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus, for instance, loss of income," a spokesman for RBS said.

"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."

UK Finance, which represents the major banks, said that all banks would consider increasing overdrafts or allowing repayment relief for loan or mortgage repayments for those affected by the virus.

"We would encourage customers who think they may be affected to contact their provider as soon as possible to discuss the support available to them," said its chief executive, Stephen Jones.

Changes to mortgage agreements in some way mirror the situation in Italy, one of the areas most affected by the outbreak.

With significant restrictions on the population in place, Laura Castelli, Italy's deputy economy minister, said mortgage payments would be suspended across Italy.


Lending to businesses

RBS said on Monday that it was offering more flexibility over loans to businesses.

Other banks are following suit. Barclays said it was offering 12-month capital repayment holidays on existing loans over £25,000, and would also offer extended or new overdraft facilities to business customers.

"Our network of relationship managers has been reaching out to SMEs across the UK to see if they require additional support during this time, as we do regularly when we see any events which may have an impact on our clients," said Ian Rand, chief executive of Barclays Business Banking.

"Barclays is ready to help, whether that is with managing cash-flow or any other support, and we encourage any customer who needs guidance to call us or contact their relationship manager."

Lloyds Banking Group said it would be open to requests from small businesses for overdraft extensions and other support.

Newsletter

Related Articles

0:00
0:00
Close
India backs down on plan to mandate government “Sanchar Saathi” app on all smartphones
King Charles Welcomes German President Steinmeier to UK in First State Visit by Berlin in 27 Years
UK Plans Major Cutback to Jury Trials as Crown Court Backlog Nears 80,000
UK Government to Significantly Limit Jury Trials in England and Wales
U.S. and U.K. Seal Drug-Pricing Deal: Britain Agrees to Pay More, U.S. Lifts Tariffs
UK Postpones Decision Yet Again on China’s Proposed Mega-Embassy in London
Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Car-sharing giant Zipcar to exit UK market by end of 2025
Reports of Widespread Drone Deployment Raise Privacy and Security Questions in the UK
UK Signals Security Concerns Over China While Pursuing Stronger Trade Links
Google warns of AI “irrationality” just as Gemini 3 launch rattles markets
Top Consultancies Freeze Starting Salaries as AI Threatens ‘Pyramid’ Model
Macron Says Washington Pressuring EU to Delay Enforcement of Digital-Regulation Probes Against Meta, TikTok and X
UK’s DragonFire Laser Downs High-Speed Drones as £316m Deal Speeds Naval Deployment
UK Chancellor Rejects Claims She Misled Public on Fiscal Outlook Ahead of Budget
Starmer Defends Autumn Budget as Finance Chief Faces Accusations of Misleading Public Finances
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
UK Budget’s New EV Mileage Tax Undercuts Case for Plug-In Hybrids
UK Government Launches National Inquiry into ‘Grooming Gangs’ After US Warning and Rising Public Outcry
Taylor Swift Extends U.K. Chart Reign as ‘The Fate of Ophelia’ Hits Six Weeks at No. 1
250 Still Missing in the Massive Fire, 94 Killed. One Day After the Disaster: Survivor Rescued on the 16th Floor
Trump: National Guard Soldier Who Was Shot in Washington Has Died; Second Soldier Fighting for His Life
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
UK Extends Sugar Tax to Sweetened Milkshakes and Lattes in 2028 Health Push
UK Government Backs £49 Billion Plan for Heathrow Third Runway and Expansion
UK Gambling Firms Report £1bn Surge in Annual Profits as Pressure Mounts for Higher Betting Taxes
UK Shares Advance Ahead of Budget as Financials and Consumer Staples Lead Gains
Domino’s UK CEO Andrew Rennie Steps Down Amid Strategic Reset
UK Economy Stalls as Reeves Faces First Budget Test
UK Economy’s Weak Start Adds Pressure on Prime Minister Starmer
UK Government Acknowledges Billionaire Exodus Amid Tax Rise Concerns
UK Budget 2025: Markets Brace as Chancellor Faces Fiscal Tightrope
UK Unveils Strategic Plan to Secure Critical Mineral Supply Chains
UK Taskforce Calls for Radical Reset of Nuclear Regulation to Cut Costs and Accelerate Build
UK Government Launches Consultation on Major Overhaul of Settlement Rules
×