Lenders, tenants, landlords and loans during COVID-19
Along with concern for your loved ones, your dental team and your patients, financial worries may be causing you a great deal of stress during the COVID-19 pandemic.
The government has reiterated its commitment to supporting businesses and individuals, but with so much occupying your thoughts at this time, maybe some of the detail has been lost. Here’s a quick breakdown:
Help with mortgages
For all of us, our biggest financial commitment is often our mortgage and if you are worried about meeting repayments because of the impact of the coronavirus, you may be entitled to a three-month mortgage holiday. Lenders will be able offer this break to customers who are up-to-date with their repayments. The break can also be offered to you if you are a landlord and your tenants are experiencing financial difficulties because of COVID-19. Contact your lender to discuss this.
Help with rent and for landlords
Legislation is being brought forward to protect social and private tenants from eviction for a three-month period. Once the break is over, both parties should cooperate to establish a sensible repayment plan going forward.
Loans and credit cards
The Financial Conduct Authority has stepped up, asking all lenders to support their customers during the pandemic. Your lender(s) may have already been in contact with you, to clearly set out how they will be proceeding in the weeks and months ahead.
You absolutely must get in touch with them if you are worried in any way whatsoever – the same goes for your mortgage lender. A payment holiday will not necessarily impact on your credit score either.
These may be unprecedented times but if you keep talking, you ask for help and reach out to those who can offer dental-specific financial guidance, you will ease some of the stress. Lansdell & Rose are specialist financial accountants and we can listen to your concerns, taking your individual and business’ circumstances into consideration, to give you a flexible, practical and workable plan of action. We will be able to help you decide if the measures being offered by the government could be a suitable option for you. The delivery of safe, efficient patient service for those patients who really need you, while maintaining a safe and efficient place to work, should be a key focus for dental practice owners in the weeks and months ahead. Reach out to financial specialists to lighten some of the load and to get help to operate your practice as “normal”, as far as possible.
For more information call Lansdell & Rose on 020 7376 9333.