Nationwide reveals financial support package
Nationwide has revealed a financial support package for individuals affected by coronavirus.
Included in the package is a comprehensive online resource providing payment breaks.
Those with loans, residential and buy-to-bet mortgages are entitled to a three-month repayment holiday.
Once members have selected the payment holiday they require, an online form needs to be filled out, which will then be processed by Nationwide.
The measures will not impact an individuals credit score, however interest will continue to accrue and will be factored into monthly payments after the payment-free period ends.
Sara Bennison who oversees products and propositions at Nationwide, said: “These are difficult and uncertain times and we want to do what we can to provide support for those who most need it.
“Our support package is aimed at providing short-term relief to those who have been financially affected by coronavirus and to ease their worries by giving greater reassurance.
“We have focussed on providing a simple online service which will not only help streamline applications but also free up our telephone lines for those who are unable to get online.
“As a mutual owned by our members, we have a responsibility to help those who require additional financial support. Never has that been truer than now.”