Customers of NatWest who have suffered damage to their businesses or homes due to the recent floods in England and Wales will be allowed to temporarily suspend mortgage repayments.
These individuals will have the option of putting their payments on hold for a maximum of three months, with NatWest stating that this plan would enable those in question to focus on getting businesses and homes straight again without the additional worry of mortgage payments.
Flood-affected customers who have personal mortgages will also be allowed to shut down any fixed savings accounts they have without being hit with a charge for doing so. This is to enable them to get cash they need for repairs quickly.
Furthermore, these customers are also set to be provided with the option of increasing their account withdrawal or credit card limits on a temporary basis. For business clients of NatWest, no-fee emergency loans, lower mortgage interest rates and breaks from repaying mortgage loans will be made available to those who need them.
The CEO of NatWest, Alison Rose, said that it was important for customers whose homes or livelihoods have been impacted by the storms to contact the bank so that help could be arranged for them as soon as possible.
This announcement by NatWest comes in the wake of the government stating that financial hardship payments will be available to people in need.
Mortgage advisors who have done a CeMAP course may also be able to help customers with business or personal loans who are in this situation.