Easing the stress some borrowers will be facing during the pandemic outbreak
Mortgage borrowers who have been adversely affected financially by coronavirus (COVID-19) may want to consider requesting to take a mortgage payment holiday on their residential or buy-to-let mortgage for up to three months to help their financial situation. The Government’s policy is aimed at easing the stress some borrowers will be facing during the pandemic outbreak.
How will you pay the bills if you were sick or injured and couldn’t work?
There is a growing unease about the economic fallout of coronavirus (COVID-19), with many businesses laying off contractors and putting staff on extended leave, as well as natural worries about contacting the disease.
No renter in either social or private accommodation will be forced out of their home
More than a fifth of UK households live in privately rented accommodation. The Government has introduced measures to protect renters affected by coronavirus (COVID-19). This radical package of measures protects renters and landlords affected by coronavirus – and with these in force, no renter in either social or private accommodation will be forced out of their home.
Fraudsters are getting more sophisticated, particularly with investment scams. They can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing. However, if it sounds too good to be true, it probably is.
For those people moving closer to retirement who may have been impacted by the recent market volatility, an option to consider is deferring your private pension.
Strengthening the safety net for those who work for themselves
The Chancellor, Rishi Sunak, said he will ‘strengthen the safety net for those who work for themselves’ with a package of measures to support the self-employed and freelancers, offering improved benefits and tax deferrals.
Financial support for those impacted by coronavirus
Chancellor of the Exchequer Rishi Sunak unveiled unprecedented government aid for the self-employed. There are around five million people who are self-employed and freelance across the UK, and many will be relieved to hear that financial support is on the way to help those impacted by coronavirus.
If you are not eligible for Statutory Sick Pay (SSP) – for example, if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to self-isolate, you can now more easily make a claim for Universal Credit or New Style Employment and Support Allowance.
Payments made from day 1, rather than day 4, of your absence from work
If you think you are entitled to Statutory Sick Pay (SSP), you can receive £94.25 per week if you’re too ill to work. It’s paid by your employer for up to 28 weeks.
Guaranteeing a proportion of the salaries of millions of workers
Around the country, many employers have implemented lay-offs due to reduced revenues and the closure of their business premises due to coronavirus. The Coronavirus Job Retention Scheme has been set up to support those employers and help them continue to pay wages of staff who would otherwise have been let go.
