CORONAVIRUS (COVID-19) FINANCIAL SUPPORT FOR LANDLORDS, RENTERS AND HOMEOWNERS

In the space of a few weeks, the Coronavirus has made a major impact on society leaving most of the population vulnerable, not only for their health but also financially. For renters, homeowners and landlords alike, the next few months are going to be difficult and the Government and major businesses have committed to help where they can.

This guide provides a list of all the relevant support that can help you with household bills, updates to your tenancy rights or pauses on your mortgage repayments. It outlines them all and tells you where to go for more information.

Income support including sick pay

Statutory Sick Pay (SSP) is now available from day one from staying home from work and is available if either you have symptoms of COVID-19 or you are isolating due to a family member having symptoms.

Universal Credit payments have been raised and the income floor has been removed making more people eligible.

Employment and Support Allowance for those who are ill, have a health condition or disability that prevents them from working longer term.

Coronavirus Job Retention Scheme allows companies to retain their employees and pay them up-to 80% of their monthly salary.

Self Employed Income Support Scheme (SEISS) comprising a taxable grant of up to 80% of average profit for self-employed workers.

Mortgages, loans and household bills

Mortgage Lenders will provide three-month mortgage payment holidayincluding Buy to let mortgages.

£500m Hardship fund for council tax relief for those most vulnerable.

Most banks have committed to offering Loans and Credit Card payment holidays.

Majority of energy and water companies have rolled out schemes to help during the outbreak, including posting free top-up cards and organising payment breaks.

Broadband suppliers have scrapped all data caps and mobile phone companies have introduced free data and calls to some of their plans.

Sky Sports and BT Sport have paused or credited their customers for at least one month of their subscription while sports events have been cancelled due to the coronavirus outbreak.

Renters support

Change to eviction rules — Landlords are unable to start eviction proceedings for at least 3 months. Landlords and tenants are expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances.

Increase in Housing Benefit and Local Housing Allowance raised to 30% of market rents.

Landlords remain legally obligated to ensure properties meet the required standard – urgent, essential health and safety repairs should be made.

Keep up to date

If you have any concerns regarding your property during the Coronavirus pandemic, you can always reach out to your letting agent for support and advice.

Source: Propertymark