Hodge lays out COVID-19 plan of action
Hodge Bank has outlined its plan of action in light of coronavirus.
The bank has said it will offer a three-month mortgage payment holiday to those in financial need.
This payment holiday will also be offered to customers who have a holiday let or portfolio buy-to-let mortgage where their tenants have been unable to make payments.
It added that landlords would need to self-certify that their tenants have suffered financially and will have to pass this benefit onto their tenants.
Furthermore, as the payment holiday will be agreed and organised by the lender, it will not adversely affect a customer’s credit score.
Mortgage interest will still accrue during the payment holiday.
Once the payment holiday period ends, the bank will get in touch with customers to discuss a payment plan for the remainder of the mortgage.
Matt Burton, managing director of Hodge mortgages, said: “We don’t want Hodge customers to worry about how they will make their mortgage payments if they are affected by COVID-19.
“We realise that during this unprecedented time, many will be losing sleep over how they will make ends meet.
“That is why we are offering this payment holiday, without customers having to go through an in-depth assessment of your current financial circumstances.”
“We understand that a mortgage payment holiday may not suit everyone, so what we are saying to our customers is that if you are in financial difficulties due to COVID-19 get in touch with us and we can work out a personalised way for you to manage your money during this time.”