Banks offering help to those affected by floods
Some have already set-up special funds to cope with emergencies and others are offering you repayment holidays while you get yourself sorted. Most banks are offering a three month repayment holiday for mortgage borrowers.
Other than that, who is offering what?
HSBC are offering increased financial flexibility to customers. That means fast-tracked credit acceptance, loan and overdraft extensions and waiving fees on loans and overdrafts. They're also going to get rid of limits on emergency payments.
HSBC are also working with mapping technologies while they try and identify which properties and areas are at the worst risk of flooding so they can make contact first.
RBS and NatWest are sending specialist business support teams to flooded areas this week and next, in a bid to help small and medium-sized business with short-term money problems as they priorities repair work and such, and of course, try and cope with their loss of income.
RBS/NatWest set up a £250 million UK Storm Business Fund which can provide short-term, interest-free financing and is available to all businesses, not just customers of RBS and NatWest. You can get three-months interest free and fee-free loans.
Ulster Bank have set up a support package of £10 million to help businesses that have been hit by the weather. The bank will help out customers with short-term cash commitments, such as repairs or managing a working capital. As Ulster Bank are part of the RBS Group, it'd be worth asking if they have the same provisions as RBS and NatWest also.
Nationwide current account customers will be able to ask for a temporary overdraft or an increase to cover emergencies brought on by the averse weather. The building society said: “We realise that not all customers may have the relevant documentation to hand and so, in such cases, we will find alternative ways to securely identify and assist our members.”
Santander are offering a loan payment holiday or giving you the opportunity to change your mortgage to an interest-only one, so you can reduce your monthly cost. Credit facilities will be extended for 12 months for farmers (6 months for small businesses). They are also paying £100,000 into a recovery fund.
The Association of British Insurers
The ABI have issued an emergency guide for households so they can be better prepared when dealing with insurance companies. You can read that here.