Santander UK has decided to extend additional financial support to its customers, in the wake of the Covid-19 pandemic.
The lender will continue to provide overdrafts and fee-waivers on its credit cards, in addition to extended payment holidays.
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Moreover, the bank has hired 200 people to assist customers financially during these unprecedented times.
Extended support details
Until 31 March 2020, Santander will provide customers with mortgage payment holidays. New applicants will also get extensions or up to six months of payment holiday.
Eligible customers can apply for a payment holiday of up to three months on their credit card until this date.
They can also extend it for up to six months and also request the bank to remove fees for late payments and cash advances.
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By GlobalDataBesides credit cards, this also applies to eligible personal loan customers. The eligible customers are those who are up-to-date with their repayments.
Moreover, until 31 January 2021, the bank has pledged not to conduct any repossession activity without customer’s consent, for mortgages.
Until the same period, Covid-19-impacted customers with arranged overdrafts can request a £500 interest fee waiver, besides a 19.9% discount, for three months.
These measures do not affect the customer’s credit scores, and they can be accessed online, or via Santander’s dedicated support helpline.
Comments
Santander UK CEO of retail and business banking Susan Allen said: “As we continue to see covid impact the finances of many of our customers, we are absolutely focused on making sure we are able to provide them with the right support.
“We are pleased to be offering continued payment holidays and an extension of our overdraft measures.
“On top of this, we are also able to offer customers a range of tailored support, providing the help and guidance customers need to understand and manage their finances during this very difficult time.”
Recent developments
Earlier this month, Santander UK tapped customer engagement solutions provider Personetics to deliver AI-driven insights to customers.
Last month, Banco Santander outlined plans to create a global native digital consumer bank by merging its Openbank and Santander Consumer Finance (SCF) units.
