COVID-19: Canada’s Big Banks to Offer Deferral of Payments on Mortgages for up to Six Months

imageCanada’s six largest banks have announced a co-ordinated relief program to ease financial pressures due to the spread of COVID-19.

Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank customers will be offered “flexible solutions” to get them through economic uncertainties due to COVID-19.

 

COVID-19 relief measures will be offered to personal and small business banking customers and may include longer amortization periods, up to a six-month payment deferral for mortgages, and credit card payments.

According to the news release, the financial relief program is tailored to each individual’s circumstances and needs. Special loans to cover living expenses may also be offered.

HOW TO GET MORTGAGE DEFERRED

Banks have not really released any “guidelines on who is eligible”, other than stating “they are committed to helping Canadians in these difficult times”.

Through the statement, the Banks have asked customers who are facing income loss, additional child-care burdens or illness due to COVID-19 to contact their banks directly to find out more about options available.

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