The Government has announced that residential buy-to-let (BTL) landlords are entitled to the same three-month mortgage repayment holiday as residential homeowners if they have tenants struggling to pay rent due to Coronavirus (Covid-19).
The Government has urged people not to move home in new guidance for the housing market during the Covid-19 pandemic. The Government says home buyers and renters should, where possible, delay moving to a new house while measures are in place to fight coronavirus. Its guidance says: "Where the property is currently occupied, we encourage all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay-at-home measures against coronavirus will no longer be in place. "If your property is already on the market, you can continue to advertise it as being for sale but you should not allow people in to view your property."
The Coronavirus Business Interruption Loan Scheme (CBILS) is now available through participating lenders. CBILS is a new scheme, announced in this year's Budget that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
This is extraordinary, unprecedented economic shock therapy – interest rates as low as they've ever been for hundreds of years. The fact the Bank feels the need to do this shows the level of seismic coronavirus tremors running through the nation's finances. The primary aim is economic stimulus. Reducing interest rates is an encouragement to spend and invest – it makes borrowing cheaper, and saving less attractive. And that's what they want – more money flowing through the economy.
The Coronavirus outbreak has triggered a review of life insurance applications. This could affect clients currently residing in some of the affected areas around the world or have plans to travel to these areas are likely to see applications for life insurance "postponed". He also said: "Furthermore, although unlikely, there is a possibility that insurers across the market may take a view that they will postpone all applications for life insurance until the risks associated with coronavirus are more quantifiable.