Breaking: Latest as lenders offer mortgage deferrals in face of coronavirus

Jake Carter

March 10, 2020

This page is gaining significant traffic still but is not our most up to date resource.

Please visit this page for our latest updates: Latest lender updates on payment holidays.

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As the coronavirus (COVID 19) continues to spread across the UK mortgage lenders have been taking special measures to ensure that borrowers are protected from financial shocks. 


Royal Bank of Scotland was first out of the block when it said it will defer mortgage and loan repayments for up to three months for customers affected by coronavirus.


Fellow high street heavyweight TSB has also confirmed that it will be offering a deferral.

TSB told Mortgage Introducer: “Affected customers with a TSB mortgage may apply for a repayment holiday for up to two months.

“For new customers joining TSB, mortgage advisers and brokers will work with customers and understand their individual position.”

Savings customers will also be able to waive early closure fees on fixed rate ISA products and TSB will allow fixed bond customers to surrender their policies early to gain access to their money.

Read more on TSB withdrawing here.


Elsewhere Santander has confirmed that it is actively monitoring the situation.

The bank told MI: “Santander has a team of experts on hand to support customers who have been impacted by the coronavirus (COVID-19).

“Anyone who has been affected can talk to us on 0800 9 123 123.”

It is now expected that more lenders will follow RBS and TSB’s lead and offer deferrals.

We will be updating this page throughout the day so please come back regularly.


Barclays have removed penalty charges to access fixed savings accounts early, and it will allow customers to apply for a temporary increase on their credit card limit.

A spokesperson for the bank said: “Any customers suffering hardship as a result of COVID-19 can contact our specialist support colleagues if they are experiencing problems making repayments to their mortgage, overdraft, personal loans or credit cards.

“These customers can also access their fixed savings accounts early without paying any penalty charges.”

The lender was pushed for comment in relation to mortgages, however, stated that the above information is all they are releasing at this time.

Newcastle Building Society

Newcastle Building Society has outlined that it is aware of the situation and intends to explore options with customers on a case-by-case basis.

The building society told MI: “Customers [should] get in touch with us as early as possible.

“If we can understand their particular issues we can work with them to explore options, agree sensible solutions and provide support during a difficult period.”

Leeds Building Society

Leeds Building Society have stated that they are monitoring the coronavirus situation and that anyone who believes they may not be able to meet their mortgage repayment now or in the future should contact them.

The lender said to MI: “We have a number of options that can help borrowers and will work with them to try to agree a solution that meets their circumstances.

“We assess each case on its own merits.”


NatWest has reported that it plans to assess customer’s financial circumstances, in relation to COVID-19, on a case-by-case basis.

The lender has said it will allow mortgage and loan deferral for up to three months.

It will also let customers close fixed savings accounts to access cash with no early closure charges.

A spokesperson for NatWest 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 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.”

Cambridge Building Society

Cambridge Building Society have highlighted that it will show continued flexibility to support its members amidst the upset caused by Coronavirus.

The lender said that it is aware of the current situation in relation to the virus, and that it is keeping “a close eye on developments over the coming days and weeks, and stands ready to respond if necessary.”

Bank of Ireland UK

Bank of Ireland UK has said that it will offer repayment relief or flexible arrangements on mortgages or loans for those financially impacted by Coronavirus.

The bank encourages customers who believe they may be affected to contact the lender to discuss the support available to them.

As reported on the bank’s website, it has said that there are currently no disruptions to its services and it is monitoring the COVID-19 situation closely.


Nationwide has announced that it is assessing customers affected by Coronavirus on a case-by-case basis. 

The building society will allow payment holidays on mortgages, and penalty-free early access to savings in fixed term accounts.

It will also offer increased credit card and overdraft limits, as well as removing interest charges on credit cards and overdrafts.

Sara Bennison, chief marketing officer, Nationwide said: “Alongside concerns over contracting the disease, it is natural that people may also start worry about their finances due to any potential drop in income should they or family fall ill.

“If they do have concerns, we would encourage them to get in touch sooner rather than later so we can talk them through the options available to them.

Foundation Home Loans

Foundation Home Loans has said it is assessing the impact of COVID-19 on its staff and customers in line with the government’s advice.

Jeff Knight, director of marketing, Foundation Home Loans said: “Our approach is one of pragmatism and common sense.

“With regard to our existing borrowers who may experience payment difficulties as a result of Covid-19, we will determine appropriate forbearance options based on an assessment of the borrower’s individual circumstances, as we always do.”

Yorkshire Building Society

Yorkshire Building Society have outlined that it has measures in place for customers experiencing difficult circumstances, and it encourages individuals to contact the lender in order to discuss what options are available on a case-by-case basis.

A spokesperson told MI: “We are continuing to review the current situation so we can provide the most appropriate support to our members and colleagues.”

Principality Building Society

Principality Building Society has said it will allow relief on mortgage repayments for up to three months, as well as access to fixed rate savings and it will waive any associated interest penalties on other accounts.

Julie-Ann Haines, chief customer officer at Principality Building Society, said: “Where our Members have been affected by coronavirus, we’ll work with them on a case-by-case basis.

“We’ll make sure that there is the flexibility to help them to reach the best solutions based on their individual circumstances.

“Members who are affected by the virus and are concerned about their financial situation should contact us as soon as possible to discuss the support available to them.”

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