Customers of Nationwide Building Society who fall into arrears due to coronavirus has been told they will not lose their home or face repossession proceedings until the end of May 2021.
Nationwide has told customers that are behind on repayments that they must work with them to get back on track. With regrad to landlord customers, Nationwide is asking landlords to allow tenants payment breaks if they too are struggling with rental payments.
The Government announced today 26/05/2020 that all mortgage borrowers will be able to extend mortgage payment holidays by another 3 months.
Nationwide will be providing individual assessments for their homeowners that are struggling and help them find the best solution, as payment breaks may not be in the best interest of the borrower in the short or long term and will discuss alternatives for them.
Research done by Nationwide shows more than a 5th of homeowners are worrying that they cannot keep up with their repayments and 1 in 10 worry that they will lose their home. So, from mid-June Nationwide may offer borrowers flexibility and allow them to move to part repayment and interest only mortgage payments.
Nationwide research also found that more than a quarter of tenants worry they cannot meet their rental payments and nearly a fifth worry they will lose their home. In response, Nationwide landlord customers will be contacted to let them know if they can take a mortgage break if their tenants require a rental payment holiday.
Advisers for housing charity Shelters helpline services will given funding from Nationwide so they can continue to provide specialist advice for people with housing, debt and welfare issues.
We live in unprecedented times and it is good that one of the UK's biggest lenders is being as flexible as they commercially can be.