Mortgage lenders could help ease financial pressures if customers contract the coronavirus and could provide repayment relief or increase overdraft facilities.
This comes after the Financial Conduct Authority (FCA) and the Bank of England said this week they will be reviewing contingency plans and assessing operational risks due to the virus for firms to be able to continue to operate, serve and support customers.
Any customer affected is being told to contact their providers as early as they can.
Small and medium businesses may also be disrupted by the infection. Banks are committed to help businesses continue to trade while contingency plans are put into place.
UK Finance chief executive Stephen Jones said “We want customers to contact their providers as early as possible to discuss their needs Banks, Building Societies and credit card providers know that people will be worried the effect that contracting the virus could have on their finances and worried they could fall behind on payments.
The FCA has asked firms to take all reasonable steps to meet their regulatory obligations.
We have already put in place our own contingency plans. What our contingency plans video.