What is the latest help for borrowers promised by Nationwide?

May 30, 2020 by Brendan O'Neill

Borrowers

Nationwide Building Society has announced further measures intended to help borrowers who are struggling to stay on top of their repayments during the coronavirus pandemic.

The building society has confirmed that it will not repossess the homes of any customers in this position for the next year, which is intended to give those who have suffered a financial hit due to the pandemic a chance to recover. It has attached one condition to this offer however, with these customers being required to cooperate with Nationwide on working out a plan for mortgage payments.

The chief executive of Nationwide, Joe Garner, told Mortgage Solutions:

“At a time when people are concerned about their jobs, bills and health, we want to do everything possible to ensure they don’t worry about having a roof over their heads.”

Nationwide has also stated that it will give borrowers an assessment that will help them to put together a plan that takes their individual situations into account. It is arguing that this could mean a temporary mortgage holiday or there may be an alternative option that will work better.

One possibility as an alternative would be to switch their repayment plan to either partial payments or interest-only ones, with these flexible payment plans something that the building society is hoping to introduce during the early part of the summer.

Mortgage advisors who have taken a CeMAP training course can prove their value during this crisis by assisting borrowers in working out new plans for mortgage payments.