Mortgages Tips

NatWest gives flood victims three-month mortgage holiday 


Families hit by floods will be given a three-month holiday from paying off their mortgages while they attempt to rebuild their homes. 

NatWest has said its affected customers can defer their repayments, apply for extra credit and get easier access to cash in a package of measures designed to give homeowners and businesses time to get their lives back on track. It also includes mortgage customers of Royal Bank of Scotland, which will be renamed as NatWest later this year. 

It follows days of extreme wet weather caused by Storm Dennis, which has so far flooded 670 homes across England and Wales, with some parts of the country experiencing a month’s worth of rainfall in just 24 hours. Further floods are expected over the weekend, with six severe flood warnings – which represent a danger to life – already in place, according to the Environment Agency. 

Yet more flooding is expected in 120 different parts of the country and is especially likely in the West and west Midlands along the the Wye, Severn and lower Avon rivers, as water levels have increased to record highs. More heavy rain is forecast in the North and north west of England for the rest of the week and at the weekend. 

Alison Rose, of NatWest, said: “We are helping customers and business owners affected by the recent flooding by providing additional credit or access to finance where needed, so they can concentrate on getting their homes or businesses back to normal.”

Alongside the pause in mortgage payments, affected customers will be able to close fixed savings accounts to get access to cash without the normal early withdrawal charge. 

Consumers will also be able to apply for a temporary increase to their credit card limit, as well as an extra cash withdrawal limit of up to £500 a day. 

Business customers will also be granted a “holiday” on their loan repayments, will be extended larger overdrafts if needed and will be able to apply for emergency loans without paying arrangement fees. 

The bank urged those affected to call or go into a local branch to find out if it could help.

George Eustice, the environment secretary, said the Government was investing £2.6bn in flood defences “to make homes more resilient and better protected if flooding happens again”.


Rates and fees increased on John Lewis and Waitrose credit cards

Previous article

City watchdog feels the heat over peer-to-peer failures at Lendy and Collateral 

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *