BBL repayment extension
gary70
Posts: 2 Newbie
I have a BBL with Santander & repayments are due to start in a couple of months does anyone know the procedure for delaying the repayment start date?? Thanks in advance.
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gary70 said:I have a BBL with Santander & repayments are due to start in a couple of months does anyone know the procedure for delaying the repayment start date?? Thanks in advance.
There is planned to be an initial allowance of delaying the repayments for six months when they are due to start, but no banks have announced their procedures yet and it has not been clarified what happens to the interest and how that is applied.
https://www.gov.uk/government/news/chancellor-eases-burden-on-more-than-a-million-businesses-through-pay-as-you-grow-flexible-repayment-options
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I believe the bank will send you a letter a month or 2 before your repayments are due with options available and you can pick the one you want. I believe the options are: (1) pay over 10 years; (2) pay interest only for 6 months; or (3) freeze payments for 6 months...0
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My bank (Lloyds) have told me about it and list all the options when I log in. It says I will be able to pick before payments start.
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