UK Bank’s Solution to the Coronavirus COVID-19 Epidemic
Coronavirus – UK banks follow Italy’s lead on mortgage payments
Italy – Second highest number of coronavirus COVID-19 cases in the world
Coronavirus – Italy has been having tremendous problems in handling the coronavirus COVID-19 outbreak for quite some time. It is now second to China in the highest number of cases of the coronavirus COVID-19, with a total of 9,172 cases as of 10/03/20. The virus has claimed 463 lives thus far in Italy.
Italy suspends mortgage payments
The Italian government has announced that all mortgage payments for all individuals and households will be suspended until further notice. Suspending mortgage payments is not a new concept in Italy. It was practiced during the financial crisis just over a decade ago for families and small businesses.
Unfortunately, Italy’s economic woes did not start with the coronavirus COVID-19. The country is still recovering from the said financial crisis – current production levels are still 4% below the levels pre-financial crisis. Furthermore, unemployment rate is at 28.9% for under 25s – it is the third highest within the EU.
The government hopes that the suspension in mortgage payments will help ease the financial circumstances of the residents as they endure the quarantine.
UK banks to defer mortgage payments
UK, on the other hand, has been breaking daily records of new cases nearly every day. Currently, coronavirus COVID-19 cases has reached 373 with 6 deaths.
The BBC has reported that RBS, TSB and Lloyds have all announced to introduce mortgage payment deferrals for those affected by the coronavirus COVID-19. Some other benefits for those affected are as follows:
- Close fixed-term savings accounts without charge
- Refunds on credit card cash advance fees
- Option to temporarily increase credit card borrowing limits
- Increased cash withdrawal limit of up to £500
Several major banks have also announced that they would be offering more flexible loan options for businesses. UK Finance, a group which represents the major banks, has urged customers who are affected to contact their providers as soon as possible in order to reap the benefits.
How does this affect the UK property market?
It is hard to tell how such measures by the banks will affect the UK property market as the UK has yet to succumb to the grips of the coronavirus COVID-19. Nothing is ever certain though. What is certain is that the UK property market has been going strong ever since the conservative’s 2020 election win. Property owners, who are looking to sell, should jump on the bandwagon and ride along the wave of a UK property bull market.
Sell quickly with assurance
If you are thinking of selling your property amidst the uncertainty of how the coronavirus COVID-19 will affect the future UK property market, you should do it quickly and with assurance. Auction Agent, your local property auction house, can help you with just that. With our exchanges guaranteed to complete anywhere from 1 to 28 days from the fall of the hammer, Auction Agent property auctioneers will ensure that your property would be sold as quickly as possible and without the worry of buyers dropping out. Our seller’s package includes marketing on leading online property portals (Rightmove, Zoopla, and PrimeLocation) and social media platforms (Facebook, Twitter, and LinkedIn).
Auction Agent property auction house has over 50 years of combined experience – we are ready to answer any of your questions regarding buying, selling, or just regarding property auctions in general. Auction Agent house auctioneers offer complete services for buyers, sellers and even probate property owners. Furthermore, Auction Agent property auction house gives all sellers a peace of mind with our no-sale-no-fee approach.
Take your first step to a stress-free property sale today by contacting us for a free property valuation. Be sure to sign up for our newsletter for the most up-to-date properties available from our property auction portfolio.
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Coronavirus – UK banks follow Italy’s lead on mortgage payments
For a free property valuation to kick start your property auction listing in Burnley, Blackburn, Accrington, Rossendale, Nelson, Bacup, Rawtenstall, Blackpool, Clitheroe, Preston, Bury, Bolton, Lancashire or any other area in the BL0, BL1, BL2, BL3, BL4, BL5, BL6, BL7, BL8, BL9, BB1, BB2, BB3, BB4, BB5, BB6, BB7, BB8, BB9, BB10, BB11, BB12, BB18, BB94, PR0, PR1, PR2, PR3, PR4, PR5, PR6, PR7, PR8, PR9, PR11, PR25 or PR26 postcodes, contact Auction Agent today on 01706 940499, firstname.lastname@example.org or visit www.auctionagent.co.uk.
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