Nationwide has set out a support package for its members that have been financially impacted by the coronavirus crisis.
The building society has developed a dedicated coronavirus support page to make it easier to arrange payment breaks, and confirmed that the online resource is intended for anyone who is currently struggling or anticipates being in financial difficulty due to Covid-19.
Nationwide suggested this ranges from a loss of income or employment to anyone struggling to pay their bills, or meet financial obligations.
The society said it hoped the resource will not only accelerate applications but also free up telephone lines in order to reduce waiting times, particularly for its elderly and vulnerable members who might not use online services.
The expanded support now covers three-month payment breaks across credit card, personal loan and mortgage payments for both residential and buy-to-let home loans, in addition to an overdraft interest holiday that Nationwide has confirmed will be until 1 July.
Once members have selected the payment holiday they require, an online form needs to be filled out which will then be processed by the society. Nationwide added that these measures will not impact someone’s credit score, although the interest will continue to accrue and will be factored into monthly payments after the payment-free period ends. However, overdrafts payment holidays will not carry the interest over.
Sara Bennison, who oversees Nationwide’s products and propositions, commented: “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 focused 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.”
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories