Mortgage repayment holiday extended

The Island banks that offer personal mortgages in the local market have announced the availability of a further three month mortgage repayment holiday.

The ‘Mortgage Repayment Holiday’ is designed to support those individuals who find themselves in financial difficulties as a result of COVID-19 and where they have seen their income suffer as a result. The holiday forms part of a wider package of support provided by the banks on Island.

The support package offers relief to homeowners by providing a repayment holiday of up to three months on a residential mortgage, which will now run until 31^st October 2020. Santander International, HSBC, Barclays, Lloyds, Nedbank Private Wealth International, Cayman National Bank and RBSI which includes the Isle of Man Bank and NatWest International, will all, where appropriate, be offering the holiday to customers who have fallen into financial difficulty as a result of coronavirus.

Peter Greenhill, MLC, Member with responsibility for Finance Isle of Man, commented:

‘I am delighted that the local banks have all stepped forward to provide a further three month repayment holiday for personal residential mortgages.

‘Although we are rapidly moving towards the new Manx normal, many families and individuals will still be struggling financially as a result of the effects of the pandemic. These positive actions demonstrate the importance of the Island’s banks in supporting the local community and their customers during this unprecedented period’.

John Hunter, Head of Banking and Fiduciaries for Finance Isle of Man, commented:

’Over the last several months our banks have been working tirelessly to ensure that consumers and businesses can still access banking services where possible.

‘Alongside this, the banks have continued to support homeowners with packages such as the mortgage repayment holiday and local businesses through forbearance and Government-backed funding arrangements. This support for local people and local businesses has never been more important’.

To find out more about the Mortgage Repayment Holiday, please contact your mortgage lender directly to discuss. To find out more about the financial support schemes for businesses and individuals affected by coronavirus, please visit: https://covid19.gov.im/businesses/funding-support/