Banks to offer a 3 month grace on mortgages if coronavirus hits

With the impact of  the coronavirus potential affecting customers financially, NatWest, Royal Bank of Scotland and Ulster Bank have confirmed that they may defer mortgage payments for customers who are unable to meet their mortgage payments for up to three months.

Small business owners, and the self employed may be hardest hit if they see a slump in income from the coronavirus, through a drop in sales or if they have to self-isolate at home.

Each cases will be assessed on a case-by-case basis. NatWest said it was “monitoring the potential impact of coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.”