Mortgage Repayment Holidays: Coronavirus Update

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Lloyds Banking Group has agreed mortgage repayment holidays for more than 300,000 customers since the start of the Covid-19 outbreak.

LBG has helped hundreds of thousands of business and retail customers affected due to Covid19. This includes agreeing mortgage repayment holidays for more than 300,000 customers.

Lloyds says it has also implemented payment holidays for 100,000 personal loans. They have also approved thousands of requests from businesses for capital repayment holidays and overdraft extensions.

The Group said its directors and executive committee have also agreed to waive their 2020 bonuses. This decision is made in solidarity with the communities in which we operate. Also in recognition of the priorities of their stakeholders.

Read our blog about Covid-19 Business-Friendly Measures by the Chancellor

The Group has confirmed to its full-time and part-time permanent colleagues that they will continue to pay their contracted hours as normal.

António Horta-Osório, Group CEO, said: “We are doing all we can to support our customers, colleagues and communities. We understand the difficulties and challenges that they are facing in these unprecedented times, and are working at pace to provide the support they need. In light of this, it is right for the executive directors and group executive committee to give up all of their bonus entitlement for 2020.”

“We are actively engaged in helping to implement the UK Government’s support schemes to businesses. Our colleagues are working tirelessly to support customers at this difficult time.”

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Who is eligible for mortgage repayment holidays?

You can get a repayment holiday if:

  • The coronavirus outbreak has affected your income
  • You expect this to be only a short-term change
  • You have kept up with your loan repayments to date.

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