Nucoro: One in 20 have discussed a holiday period for their mortgage repayments

Ryan Fowler

May 12, 2020

fca payment deferrals

Some 5% of borrowers have contacted their bank to discuss a holiday period for their mortgage repayments, according to research from fintech platform Nucoro.

It also found that 22% of people claim to have contacted their banks about coronavirus related issues since the crisis began, with the main reason (6% of people) being to discuss their overdraft.

4% have been in contact to discuss new plans to repay credit card debt.

Of those people who have contacted their banks, 67% did this through apps, and this is followed by 55% who used the phone. Some 16% sent emails and 13% visited their branches.

During the coronavirus crisis, 33% of people claim the level of communication from their banks has increased compared to 7% who think it has fallen, with 56% claiming it has stayed about the same (the remainder don’t know).

Nikolai Hack, COO Nucoro, said: “The coronavirus crisis has resulted in an increase in the level of communication between banks and their customers, and much of this has been carried out via digital channels.

“The level of knowledge and information banks have on their customers should increase and for those that are seen to rise to the challenge and really help their clients through these difficult times, the relationship will become stronger.

“Over the long-term, this should help banks market a wider range of products and services to their client base and develop new propositions.

“One obvious area here is around investment solutions.”

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