"There is a real need to reassure people, particularly those on mortgage payment breaks who are worried what will happen next."
As part of the commitment, Nationwide said "no mortgage member will lose the property in which they live if they are in arrears as a result of Covid-19". Nationwide will protect homes in this way until the end of May 2021.
The Society has also launched new three-month mortgage payment breaks for those still in financial difficulty due to Covid-19, providing up to six months' support in total.
In addition to payment breaks for both residential and buy-to-let mortgages, Nationwide is also enabling partial payments such as temporary interest-only arrangements.
Nationwide is also encouraging landlords to pass on payment breaks to tenants and calling for a greater focus on housing advice and support as part of its five-point plan.
National YouGov research commissioned by Nationwide shows more than a fifth (21%) of homeowners are worried they will not be able to keep paying their mortgage, while 14% fear they will lose their home.
Worries are even higher for renters, with more than a quarter (27%) concerned that they won’t be able to meet their rent payments, while 18% worry that they’ll lose their home.
Nationwide has pledged to fund more advisers for Shelter's Helpline and HelplinePlus services, which provide specialist advice to those with housing, debt and welfare issues. Nationwide will also support the introduction of new Shelter community engagement officers, who will provide community outreach for those people that struggle to access support.
Joe Garner, CEO of Nationwide, said: “There is a real need to reassure people, particularly those on mortgage payment breaks who are worried what will happen next. At a time when people are concerned about their jobs, bills and health, we want to do everything possible to ensure they don’t worry about having a roof over their heads.
"As a mutual, founded to help people into a home of their own, this is what building societies have always been about. We hope this additional support will provide extra flexibility to those who most need it, to help get them back on track.”
