What else can you do as a mortgage customer:
- Check your mortgage renewal date. You might already be out of your fixed period and eligible for a better product
- Check if you are still able to do a further advance
- Use the down time to take a closer look at your finances and we can help you decide whether you should be looking to restructure your loans
- View our remortgage page.
We are more than willing to help guide you through all your options.
Additionally the government has recently announced survival packages for employers, employees and the self-employed. We have tried to summarise these the best we can below & have put links to the relevant Government website pages with full details on for each:
Employees
To avoid mass redundancies, the government has promised to assist business by introducing a ‘Job Retention Scheme’
Also legally known as ‘furloughed’
Your employer could pay 80% of your wages through the Coronavirus Job Retention Scheme, up to a monthly cap of £2,500.
You’ll still be paid by your employer and pay taxes from your income. You cannot undertake work for your employer while on furlough. We expect the scheme to be up and running by the end of April.
Self Employed
After much call to introduce some assistance, the Government has unveiled measures to ensure the self-employed had not been ‘forgotten’ by introducing several measures.
Self-Employment Income Support Scheme
You’ll get a taxable grant which will be 80% of the average profits from the last 3 years tax returns. (if applicable, you only need one) up to a maximum of £2,500.
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. There are some further restrictions on this.
Who can apply?
You can apply if you’re a self-employed individual or a member of a partnership and you:
- have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
- traded in the tax year 2019-20
- are trading when you apply, or would be except for COVID-19
- intend to continue to trade in the tax year 2020-21
- have lost trading/partnership trading profits due to COVID-19
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment.
Covid-19 self employment scheme
Employers / Businesses
To qualify for a furloughed claim, you must have created and started a PAYE payroll scheme on or before 28 February 2020 and have a UK bank account. Any UK organisation with employees can apply, including:
- businesses
- charities
- recruitment agencies (agency workers paid through PAYE)
- public authorities
If you have ‘furloughed’ employees, you can apply to claim the wage costs by clicking on the link below,
https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
If you need business funding you should first and foremost try your bank. If they are unable to help you then you can apply for CBILS Funding, here is a link