Royal Bank of Scotland offers mortgage and loan relief for coronavirus affected customers

Mortgage relief for RBS customers

Bosses at the Royal Bank of Scotland have pledged to defer mortgage and loan repayments for customers affected by the coronavirus.

The Edinburgh-headquarted banking giant will defer repayments for up to three months in addition to waiving early closure charges on fixed savings accounts.

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In what is a first for a British bank, refunds will be provided on credit card cash advance fees to allow customers access to their funds as the Covid-19 crisis escalates.

RBS has pledged to offer customers relief with their mortgage and loan repayments.

Customers will also be able to request for an increased cash withdrawal limit up to £500 as a means of protecting themselves during the outbreak.

A RBS spokeswoman said: “We are monitoring the potential impact of coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.”

The announcement comes as the Italian government negotiates a similar deal with banks that will see customers offered breaks from their loan agreements.

Natwest, which is part of the RBS group, has also promised £5 billion of funds to aid small and medium sized businesses experiencing financial difficulties as a result of the virus spread.

Meanwhile, fellow Edinburgh-based firm John Menzies announced on Tuesday the suspension of its annual dividend as the aviation services business prepares for the impact of the virus.

The company warned investors two weeks ago that the Covid-19 outbreak would dent its profits for the current year.

Menzies, which operates many of the behind-the-scenes parts of airports, has now said that further cost-cutting lies ahead amid "very disappointing" uncertainty, caused by the virus.

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Philipp Joeinig, executive chairman, said: "We are currently experiencing some headwinds due to the impact of Covid-19 on our activities, but in the medium and long term we see genuine opportunities for growth."

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