Nationwide has announced a new support package to help protect the homes and finances of members who have been affected by coronavirus.

Having welcomed the FCA’s proposed plans to extend mortgage payment holidays announced last Friday, the society said it is offering extended support for people still financially impacted by the pandemic and who may be coming to the end of any initial three-month mortgage payment support period in June.

Nationwide revealed it has put in place a range of options to help prevent those still impacted from falling into significant difficulties, for both homeowners and renters, which will be available from the middle of June.

As well as three-month payment breaks for residential and buy-to-let mortgages, the society indicated it is also enabling partial payments, such as temporary interest only arrangements, and added that no Nationwide mortgage member falling into arrears as a result of COVID-19 will lose their home in the next 12 months – until the end of May 2021 – as long as they work with the society to get their finances back on track.
 
Nationwide chief executive, Joe Garner, commented: “There is a real need to reassure people, particularly those on mortgage payment breaks who are worried what will happen next. 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.

“As a mutual, founded to help people into a home of their own, this is what building societies have always been about. We hope this additional support will provide extra flexibility to those who most need it, to help get them back on track.”

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