Lenders offer mortgage repayment holiday to riot victims
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Lloyds Banking Group and Santander both say they will consider offering mortgage repayment holidays to those affected by the riots.
A statement from the British Bankers’ Association says any Santander mortgage customers who have lost their homes as a result of the civil unrest should contact them direct and it will look at the best way to work with these customers to support them through this difficult period.
Meanwhile, Halifax says customers can apply for a payment holiday if their home has been affected in the recent riots. The length of the payment holiday will be considered according to their individual circumstances.
Angela Knight, chief executive of the BBA, says: “As people rebuild after the riots, they will urgently want the reassurance that their financial affairs are being taken care of. The banks are listening to their customers affected by the rioting and are acting quickly to help them return to normality.”
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Readers' comments (5)
Anonymous | 15 Aug 2011 4:45 pm
Don't these people have insurance? One obviously sympathises, but in practical terms, what is the difference between a riot and a flood, or any other insured hazard. headline grabbing???
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Anonymous | 16 Aug 2011 10:00 am
Anon 4.45pm - Do you actually sell Insurance?. If you do, you will be aware of exclusions to policies - a common one is:
Any consequence of war, invasion, act of foreign enemy, hostilities (whether war has been declared or not), civil war, rebellion, revolution, insurrection or military or usurped power.
Definition of insurrection "a violent uprising against an authority or government"
So, Yes, they probably have insurance, but that insurance could technically not pay out.
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Anonymous | 16 Aug 2011 12:23 pm
no, I don't sell insurance.
if the insurers will pay out, what is your point?
Anon 4.15pm
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Anonymous | 16 Aug 2011 2:21 pm
I think you need to have another little read of my comment, anon 4.45.
My point is that Buildings Insurance generally excludes cover for insurrection!!!!!!!
So there is a chance they won't pay out!!!!!
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Anonymous | 16 Aug 2011 5:32 pm
insurrection my a**e! Chambers describes insurrection as a rising or a revolt! If the insurers tried to worm out of paying for the damage caused by a bunch of thieving untermenschen, Johnny FSA would have their guts for garters!
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