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RBS offers flood victims three-month mortgage holiday

The Royal Bank of Scotland and NatWest are offering borrowers a three-month mortgage repayment holiday for people affected by the floods. 

The bank will also send specialist business support teams to affected areas to help small and medium-sized businesses with short-term financial problems, to help them as they carry out urgent repair work and deal with loss of trading income.

Santander says it is also reviewing mortgages on a case by case basis and may offer payment holidays or conversions to interest-only deals.

RBS chief executive officer Ross McEwan says: “Thousands of families and businesses will battle short-term financial difficulties as they work to recover from the floods. I hope the steps we are taking will make a meaningful difference to the communities that are working so hard to manage through the floods and then recover from them.”

RBS and NatWest also announced a £250m UK Storm Business Fund in January to provide short-term, interest-free financing for businesses affected by recent floods and gales. The fund is available to all businesses, not just RBS and NatWest customers.

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  1. After the expose on last night’s TV I expect this is their attempt at a bit of restorative PR. They are going to have to do a lot more than that once the full story hits all the headlines.

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