Amid the uncertainty caused by Covid-19 and the stasis of lockdown, we refocused our resources to move quickly and proactively to work with brokers in supporting our existing customers.
The first thing we did was to extend the maturity date by six months for all customers whose loans were due to mature between March and September. We understood that this situation would take time to unfold and we didn’t want to create a cliff edge that would plunge customers into default. So, we made this change across the board, which has bought us time to work with brokers and their clients on an individual basis, to identify the most appropriate longer-term solution for them.
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With so much change happening so quickly, we have made a real effort to stay ahead of the game and provide solutions in good time so that our customers and their brokers have been able to have some peace of mind. And this is an approach that we have continued. Today, for example, I have been calling on cases that are due to mature in just over three months.
We have been quiet because we have been focusing on the job in hand, rather than making a noise in the market.
Now, as we have hopefully passed the peak of the pandemic and have formal confirmation of our banking licence, we can also start to look forward. Becoming a bank opens up many new opportunities for Castle Trust and we’ll be revealing details of our enhanced specialist property lending proposition in the near future.
We’re also going to continue focusing on providing brokers with reliable and realistic information that will help them to fulfil their roles to the best of their ability. In this difficult situation, the last thing that people need is more drama and noise, which is why we will remain calm and proactive in supporting our brokers and their clients.