I can’t moan about the persistent rain, so far all my family has had to endure is endless cancelled football matches and a brimming cess pit – which I won’t go into.
The news is full of whole communities, cut off from their homes and businesses, clearly spending their time trying to save their homes and possessions rather than popping off to work as usual.
Besides the obvious problem of claiming on insurance for flood damage, it got me thinking, how are these people going to cope with their loss of earnings? If they were ill they would at least get something, but as far as I know “Can’t get to work because there is a river downstairs in my house,” won’t get a pay-out from anyone.
Thankfully, some banks have announced a range of support for flood victims; Santander said it would offer free overdraft extensions and mortgage payment holidays to customers who have been affected by the flooding. Last week The Royal Bank of Scotland (RBS) group - which includes NatWest announced that RBS and NatWest mortgage customers with flooded homes will be able to apply for a three month mortgage repayment holiday.
Hopefully by the time this article has been printed, other lenders will have come out in sympathy with the thousands of families battling short-term financial difficulties as they work to recover from the floods.
I would urge anyone having trouble paying their loan (for any reason) to contact their mortgage provider. There are a number of steps they can take to help including payment holidays, accepting interest only or reduced payments for a period of time. The key is to keep the dialogue going, so please contact them as soon as you can. And to anyone who has been affected by the recent flooding – may I wish you the very best of luck with the recovery operation!
For more information contact us on 01628 507477.
Recent posts
Decorating Tips for Selling Your Property
14 days ago
Selling up? It’s important to make your house as appealing as possible to potential buyers. Good decorating can help with first impressions, and increase the perceived value of your property.
20 Budget-Friendly Activities
25 Aug 2023
With the cost of living affecting so many of us, we have made a list of budget-friendly activities and ideas for you.
Moving and Packing Tips for a Stress-Free Move
21 Jul 2023
Moving soon? It's never too early to get organised! Be prepared and avoid unwanted stress by checking out our list of tips to get you ready for moving day.
What is the UK Inflation Rate?
27 Jun 2023
Inflation simply put, is the increase in the price of something over time. The Office for National Statistics (ONS) tracks the prices of hundreds of everyday items and these items are updated to reflect shopping trends.
Debt Consolidation into a Mortgage
20 Jun 2023
We are often asked if it's good advice to consolidate “unsecured” debt (credit cards and loans etc) into your mortgage, the answer is, sometimes.
Parking Rules Explained
16 Jun 2023
When you’re looking to buy a home, and you own a car, you ideally want to know the rules on parking in the area. Parking rules can be confusing, even for the most experienced of drivers! This is why we have written this blog to help you.
Sources of Deposit to Buy a Property
6 Jun 2023
There are several potential sources you can consider when it comes to getting together a deposit to buy a property. Providing proof of the source of your deposit is a key requirement in the application process and will need to be given to both the lender and the solicitor.
More information
Trusted by
