Banks agree to suspend some mortgage and business loan repayments

Photo © Pixabay

The five main banks have agreed a three month suspension of mortgage and business loan repayments for customers affected by Covid 19.

Following a meeting with the Finance minister, the banks are working on a simplified application process to make it easier for customers to receive support.

Banks have also agreed that any covid 19 applications for a payment break will not adversely impact on credit records and court proceedings will be deferred for three months.