"As a responsible lender, it is crucial that we offer the right support to our customers at this time."
The Bank confirmed that it would allow a repayment holiday of up to three months, as outlined by Chancellor Rishi Sunak yesterday, which will not negatively impact the credit files of borrowers.
Barclays will also consider switching residential mortgage customers from capital repayment to interest-only for up to 12 months.
Other measures include term extensions, long and short term repayment plans, and temporary breathing space holds.
A Barclays spokesperson said: “As a responsible lender, it is crucial that we offer the right support to our customers at this time. We have therefore decided to offer customers who are potentially facing financial difficulty, a number of options to support them through this time.
"These include repayment holidays for up to 90 days and switching from capital repayment to interest-only for up to 12 months. We encourage customers to get in contact with us at the earliest opportunity to discuss the most suitable solution.”
