Accord BTL and the Cambridge detail plans following COVID-19
In light of the Chancellor’s three-month repayment holiday announcement, Accord Buy To Let and Cambridge Building Society have outlined their plans of action.
Accord Buy To Let have stressed that they can offer clients who are struggling financially due to the coronavirus, a variety of solutions.
The lender outlined that payment holidays are an option they will offer.
Cambridge Building Society has said that it will offer support to clients on an individual basis.
It also highlighted that it is “keeping a close eye on developments over the coming days and weeks and stand ready to respond if necessary.”
A spokesperson for Accord Buy To Let, said: We need to make sure the solution we offer is right for your client, so if they are having difficulties and are concerned about their next payment, we would ask that they visit the Accord website in the first instance to find out the latest information and access our contact details.”
Tracy Simpson, head of lending at Cambridge Building Society, added: “The Cambridge will be continuing to show flexibility to support our members as we have always done.
“As a trusted financial business, we recognise that different customers have different needs so we will continue to ensure that the support we give them is tailored to them.
“We are encouraging members to get in touch with us as soon as possible if they find themselves in a situation where they need extra support.”
Kat Tymon, director of Mansfield Money Ltd, said: “Clients are faced with difficult decisions if they are forced to take unpaid leave, redundancy or long term illness with the Coronavirus lock down looming.
“It is a positive step for lenders to offer a three month break on clients mortgage with no arrears repercussions for clients affected.
“It offers them some welcomed relief from financial hardship. I suppose we need to understand how this is decided by lender, e.g. qualifying criteria, what financial affect this will have on the banks and if the government will pick up the tab?
Martin Stewart, director and founder of London Money, added: “A great initiative, should help in the short term but this thing is moving faster than the governments thinking right now.
“It’s a plaster on a gaping wound and we need bigger, left field ideas and to start talking about trillions of pounds of support, not billions.”