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Santander Coronavirus financial relief guidelines - Up to £350 interest free overdraft, mortgage holidays and waiving of late payment fees!
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Santander Coronavirus financial relief guidelines - Up to £350 interest free overdraft, mortgage holidays and waiving of late payment fees!

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Posted 28th Mar

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I am a 123 personal banking customer and was emailed this today! So thought I would share with everyone!

Mortgage payments: If you are worried about making your mortgage payments, we have made it possible for you to apply for a mortgage payment holiday online so you don’t need to call us. You can find some FAQs and information on how to apply on our website. We have already helped over 100,000 customers through this service.
 
Overdrafts and credit cards: From 6 April, we will provide a £350 interest free overdraft buffer for three months. This means we will automatically waive interest on up to £350 of any agreed overdraft limit. From 30 March until 6 July, we will also remove fees for late payments and cash advances on our credit cards. Both measures will be applied automatically so you don’t need to do anything. More details will be available on our website next week. If you find you need to borrow more money, we will, where possible, try to increase your overdraft or credit card limit.

Access to savings: If you need to access any savings you hold in fixed rate bonds and ISAs, we won’t charge you a fee for doing so.
 

Contactless payments: From 1 April, in coordination with other banks and the retail industry, we will increase the maximum payment for a contactless card from £30 to £45 to allow more purchases to be made without the need for physical contact.
 
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Think this needs to be added. Even though banks have said it will not affect your credit record and no fees will be charged. Interest will still be added to the loan. I get it will only be a few 10’s of pounds but people should be aware. If you’re earning 80% then it might be worth carry on paying. You can however overpay later to make up the payments.
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Head added; Both my wife and I have just been ‘laid off’ for 3 months as we work in theatre. Will be getting 80% as per the government scheme so completed the online request for a mortgage holiday on the Santander website. Very quick and easy and 48 hours later I got an email to confirm it had been processed. Total life saver! Glad the banks have been told to help out.
SenpaiTheNeko28/03/2020 15:49

Just to confirm, so if my arranged overdraft is £200, my overdraft is now …Just to confirm, so if my arranged overdraft is £200, my overdraft is now £550, interest free for 3 months? And then it goes back to £200


I believe it means you will keep your current £200 overdraft but won’t pay any interest due to it being under the £350 they are offering.
Banks aren't helping anyone but themselves. Had an email from Lloyds regarding mortgage holidays. But the reality is it's just a deferring and in the end it means playing more interest. So a bank that helped create the last financial crisis and was bailed out by taxpayers, but is now trying to make money out of a global heath crisis. Not that it should come as a surprise to anyone.
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Just to confirm, so if my arranged overdraft is £200, my overdraft is now £550, interest free for 3 months? And then it goes back to £200
Ah I've just taken out a mortgage with santander at 1.25%, gutted they have now lowered their interest rate and I haven't even paid my first payment yet

It's good that the banks are helping where they can.
SenpaiTheNeko28/03/2020 15:49

Just to confirm, so if my arranged overdraft is £200, my overdraft is now …Just to confirm, so if my arranged overdraft is £200, my overdraft is now £550, interest free for 3 months? And then it goes back to £200


I believe it means you will keep your current £200 overdraft but won’t pay any interest due to it being under the £350 they are offering.
From the FAQs:
santander.co.uk/per…faq

What is a mortgage payment holiday?If you’re adversely affected by coronavirus, the Government has confirmed that you can take a mortgage payment holiday on your residential or Buy to Let mortgage for up to three months to help your financial situation.

If you take a mortgage payment holiday, this means that you wouldn’t make mortgage payments for up to three months and we’ll add these payments onto your mortgage balance. As a result, your mortgage balance will increase, and your monthly payment will be recalculated over your remaining mortgage term. Your monthly payment and the amount of interest you pay will increase for the remaining term of your mortgage. There is no fee for taking a mortgage payment holiday.

If you’re currently up to date with your payments, the mortgage payment holiday will not impact your credit score, and you will not go into arrears on your mortgage.

If your mortgage is already in arrears, you can still apply for a mortgage payment holiday and your current arrears will remain outstanding. The payment holiday will not increase your current arrears.

Please be aware that if you pay by Direct Debit and your mortgage payment is due within the next 10 days, we may not be able to arrange the mortgage payment holiday for your next monthly payment due to the automated Direct Debit collection process. If not, it will take effect from the following month.
Edited by: "cutthroat_jake" 28th Mar
Zenpang28/03/2020 15:59

I believe it means you will keep your current £200 overdraft but won’t pay …I believe it means you will keep your current £200 overdraft but won’t pay any interest due to it being under the £350 they are offering.


Exactly this;

It doesn’t get added to any current overdraft. It simply means the first £350 of your overdraft is interest free.

If you don’t have an over draft it won’t all of a sudden give you one and if your agreed overdraft is less, it will be to that value.
Edited by: "Ockingshay" 28th Mar
Yeah saw the email too. Heat
SenpaiTheNeko28/03/2020 15:49

Just to confirm, so if my arranged overdraft is £200, my overdraft is now …Just to confirm, so if my arranged overdraft is £200, my overdraft is now £550, interest free for 3 months? And then it goes back to £200


No, I believe it is the 1st £350 of your arranged overdraft! As yours is only £200 then that will be interest free.
Head added; Both my wife and I have just been ‘laid off’ for 3 months as we work in theatre. Will be getting 80% as per the government scheme so completed the online request for a mortgage holiday on the Santander website. Very quick and easy and 48 hours later I got an email to confirm it had been processed. Total life saver! Glad the banks have been told to help out.
GemandJake28/03/2020 15:58

Ah I've just taken out a mortgage with santander at 1.25%, gutted they …Ah I've just taken out a mortgage with santander at 1.25%, gutted they have now lowered their interest rate and I haven't even paid my first payment yet :(It's good that the banks are helping where they can.


Where have you seen this the rates are still showing as 1.29% as the lowest so you’ve done good.
GemandJake28/03/2020 15:58

Ah I've just taken out a mortgage with santander at 1.25%, gutted they …Ah I've just taken out a mortgage with santander at 1.25%, gutted they have now lowered their interest rate and I haven't even paid my first payment yet :(It's good that the banks are helping where they can.


The rates haven't been lowered at yet as I'm due to complete soon and my mortgage is with Santander.
GemandJake28/03/2020 15:58

Ah I've just taken out a mortgage with santander at 1.25%, gutted they …Ah I've just taken out a mortgage with santander at 1.25%, gutted they have now lowered their interest rate and I haven't even paid my first payment yet :(It's good that the banks are helping where they can.


Lucky you. I just took out a 5 year fixed at 2.04% literally 3 weeks ago. Gutted.
I’m going through an application now. 5 year fixed with 1.49% fee but current mortgage doesn’t end till May 31st. What would people do in this situation, 60% loan to value.
Poor package.
srb_28/03/2020 17:48

Where have you seen this the rates are still showing as 1.29% as the …Where have you seen this the rates are still showing as 1.29% as the lowest so you’ve done good.


Oh how strange, I saw on the news that they had dropped even lower but I've just checked online and they are all a lot higher than what we got. 🙈
matman05098828/03/2020 20:57

Lucky you. I just took out a 5 year fixed at 2.04% literally 3 weeks ago. …Lucky you. I just took out a 5 year fixed at 2.04% literally 3 weeks ago. Gutted.


Oh no we did ours back in Sept but we only moved in last month as we had to wait for it to be built. Ours was through the company we bought with.
I panicked thinking we should have waited as every bit helps but looking at it now we haven't got a bad deal.
All you people worrying about saving a percent need to get things in perspective.
Hard to know what LTV will be after all this. House prices may be adversely effected. My mortgage is due in 3 days, emailed today for a holiday (wife is a supply teacher). Hopefully it’ll be processed in time.
GemandJake28/03/2020 15:58

Ah I've just taken out a mortgage with santander at 1.25%, gutted they …Ah I've just taken out a mortgage with santander at 1.25%, gutted they have now lowered their interest rate and I haven't even paid my first payment yet :(It's good that the banks are helping where they can.


What's your loan to value, that's pretty impressive rate.
I wonder if other banks will offer the same respite?
tfish29/03/2020 13:25

All you people worrying about saving a percent need to get things in …All you people worrying about saving a percent need to get things in perspective.


Thanks for that. I originally posted about saving as and where I can. I bought my house for my children's future considering I'm putting myself on the front line every single day, so I certainly know what happens behind closed doors, more than the next person. I am not on a wage deserving of the job I am doing, putting not only My life at risk but My children's also.
If I can save some money (hey isn't this what hotukdeals is all about or have I been on the wrong site for the last however many years) then I shall ask. If I can retire a few years earlier, then I will try.

Hope your keeping safe.
If you take a mortgage holiday then santander is going to fire your interest up. Doesn't seem like a favour to me as they stand to make more money. Am I correct in thinking this??
Nope, it's simple

As per you said your arranged limit is £200

It should stay where your arranged limit was before.

As now they offer up to £350 interest-free for three months, mean you also qualify to use within your agreed limit to use it interest-free for 3 months.

If you want more limit, simply give them a call and ask.
Is anyone actually taking the mortgage holidays on offer from banks?
jason_sturrock29/03/2020 15:24

If you take a mortgage holiday then santander is going to fire your …If you take a mortgage holiday then santander is going to fire your interest up. Doesn't seem like a favour to me as they stand to make more money. Am I correct in thinking this??


Our mortgage is fixed for 7 years so they can’t put our rate up no,
jason_sturrock29/03/2020 15:24

If you take a mortgage holiday then santander is going to fire your …If you take a mortgage holiday then santander is going to fire your interest up. Doesn't seem like a favour to me as they stand to make more money. Am I correct in thinking this??


I haven’t looked at the details but I’d like to know if/ think that they would still charge the interest during the 3 months so effectively they would be earning money as the interest charges each month would be going up slightly as your total mortgage amount would be increasing because you’re not paying any of it off?
Edited by: "Jake_Owen" 29th Mar
Jake_Owen29/03/2020 15:40

I haven’t looked at the details but I’d like to know if/ think that they wo …I haven’t looked at the details but I’d like to know if/ think that they would still charge the interest during the 3 months so effectively they would be earning money as the interest charges each month would be going up slightly as your total mortgage amount would be increasing because you’re not paying any of it off?


Yes interest would still accrue during the holiday. The objective is to relieve you of the burden of paying your mortgage for 3 months. Overall, given generally most mortgages will have quite some time to run, the extra you’ll end up paying is minimal vs the ability now to not pay it in the short trrm
jp201629/03/2020 15:50

Yes interest would still accrue during the holiday. The objective is to …Yes interest would still accrue during the holiday. The objective is to relieve you of the burden of paying your mortgage for 3 months. Overall, given generally most mortgages will have quite some time to run, the extra you’ll end up paying is minimal vs the ability now to not pay it in the short trrm


Pretty sure my wife looked online and the mortgage looked at going up by bout £10 a month. Now over 25yrs that's not a minimal amount.
Foxymum197729/03/2020 15:30

Our mortgage is fixed for 7 years so they can’t put our rate up no,


Not sure that is how it reads online mate
Does a payment holiday affect your credit rating adversely?
Nice gesture, let's see if Barclays follows suit
madel7929/03/2020 08:02

Poor package.


What do you suggest? £35k free over draft, mortgage paid off and a free Ferrari?
Is there a calculator anywhere that will work out what the total cost of taking the payment holiday would be?
SenpaiTheNeko28/03/2020 15:49

Just to confirm, so if my arranged overdraft is £200, my overdraft is now …Just to confirm, so if my arranged overdraft is £200, my overdraft is now £550, interest free for 3 months? And then it goes back to £200


No, its up to £350 from what I've seen so if you need a larger overdraft you'd likely need to phone and ask
Anyone know something about car loads from them ?
Banks aren't helping anyone but themselves. Had an email from Lloyds regarding mortgage holidays. But the reality is it's just a deferring and in the end it means playing more interest. So a bank that helped create the last financial crisis and was bailed out by taxpayers, but is now trying to make money out of a global heath crisis. Not that it should come as a surprise to anyone.
letsgettaco_29/03/2020 16:24

Banks aren't helping anyone but themselves. Had an email from Lloyds …Banks aren't helping anyone but themselves. Had an email from Lloyds regarding mortgage holidays. But the reality is it's just a deferring and in the end it means playing more interest. So a bank that helped create the last financial crisis and was bailed out by taxpayers, but is now trying to make money out of a global heath crisis. Not that it should come as a surprise to anyone.


Why are you viewing it as a negative ? They have provided some welcome support for many families during a worrying time, which they didnt have to. They are not going to pay peoples mortgages for them are they, that's the governments job, so what more could they have done ?
Edited by: "shaunyc" 29th Mar
They’re gradually catching up with Barclays!
jason_sturrock29/03/2020 16:00

Pretty sure my wife looked online and the mortgage looked at going up by …Pretty sure my wife looked online and the mortgage looked at going up by bout £10 a month. Now over 25yrs that's not a minimal amount.


You’ve only given partial data. £10 a month may be a lot to some, and a little to others.

What size of mortgage are you quoting?
Oneday7729/03/2020 16:20

What do you suggest? £35k free over draft, mortgage paid off and a free …What do you suggest? £35k free over draft, mortgage paid off and a free Ferrari?


Look at the deals from other banks. That's all.
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