Derin Clark

Derin Clark

Online Reporter
Published: 06/04/2020

With the Coronavirus pandemic having a severe impact on many consumers’ finances, the Government, along with finance regulators, has been urging banks and building societies to help their customers in financial difficulties due to the pandemic. Some proposals put forward by the Financial Conduct Authority (FCA), for example, include interest-free overdrafts for three months, as well as repayment holidays on credit cards and loans. A decision on these proposals are expected to be announced on 6 April, which if agreed will come into force on the 9 April, but already some banks are taking steps to helps their customers during this financial crisis.

Here we take a look at what each of the main banks is doing to help their customers impacted by the Covid-19 outbreak.

Despite the economic crisis caused by the Coronavirus pandemic over the last few weeks, savers can still find some highly competitive rates in the savings charts this week. In fact, many of last week’s top rates have held and highly competitive rates are still available in the fixed rate bond, easy access and notice account charts.

This week, mortgage lenders made the headlines as they began temporarily withdrawing many of their mortgage products from the market. The reason for these withdrawals could be down to a number of factors and many lenders have revealed that they have been inundated with homeowners requesting mortgage repayment holidays. As the economic crisis caused by the Coronavirus pandemic continues, it is clearly having a dramatic impact on both the mortgage and housing markets.

Here, we’ve highlighted the lowest rates available in our charts, but mortgage borrowers should keep in mind that the lowest rate available might not be the best deal for their personal circumstances. Instead, borrowers should consider factors such as product fees, flexible features and incentives, all of which can be found on our mortgage charts, when choosing the best mortgage deal.

The 6 April is the start of a new tax-year and in 2020/21 there are a few, but significant, changes that those saving for their children’s future or a pension should be aware of.

More businesses should now qualify for the Coronavirus Business Interruption Loans Scheme (CBILS) according to an announcement made this morning by the British Business Bank, the entity managing the scheme for HM Government.
CBILS was announced recently by the Chancellor to provide finance of up to £5 million to small and medium sized businesses that are struggling due to the Coronavirus pandemic. This includes loans, asset finance, invoice finance and overdrafts. The loans come with 12-months interest free credit and can be for terms of up to six years for loans and three years for overdrafts and invoice finance.
The scheme has encountered criticism as businesses have struggled to access the scheme with complaints about high interest rates, delays and requirements for personal guarantees to provide enough security for the loans.

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With just days left until the new tax year, savers looking to make the most of their 2019/20 ISA limit will be pleased to see that many of last week’s top rates are still available this week

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Moneyfacts Weekly Product News – 02.04.2020

2nd April 2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

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How to apply for a Coronavirus Business Interruption Loan

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The Coronavirus Business Interruption Loans Scheme (CBILS) is available from today. The scheme launches with 40 lenders and offers loans, asset finance, invoice finance and overdrafts.Check if your business is eligible for the Coronavirus Business Interruption Loan Scheme.

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