HSBC offers relief to borrowers – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

HSBC offers relief to borrowers

HSBC Bermuda is offering relief on mortgage, loan and credit card payments over the next three months.

The moves come in response to the effects of the Covid-19 pandemic and the economic disruption it is already causing.

In a statement yesterday, HSBC Bermuda said customers who were financially distressed as a result of the crisis could:

• Apply for interest-only payments and/or deferred payments for up to three months, for loans and mortgages to help them better manage their repayments.

• Apply for a moratorium for their credit cards and personal line of credit payments for up to three months.

The bank added that it would also waive credit card over-limit and late payment fees for a three-month period.

Yesterday, Butterfield said it would automatically defer payments on residential mortgages and personal loans for three months. Both Clarien and Bermuda Commercial Bank invited clients to discuss solutions to temporary financial hardship as a result of the pandemic's impact.

On Monday, HSBC Bermuda, Butterfield and Clarien each announced cuts to their base lending rates of up to half a percentage point.

Tanya Bule, interim head of wealth and personal banking at HSBC Bermuda, said: “HSBC Bermuda is fully committed in its support of the local community.

“We understand that a segment of our customers will be impacted by these unprecedented events and are taking appropriate actions to help alleviate the financial burdens they may experience.

“As such, we will actively work with our customers who may be financially impacted by Covid-19 to review their current situation and identify appropriate solutions.”

Applications for relief measures will be assessed and approved on a case-by-case basis.

HSBC customers who require assistance can contact the bank to arrange an appointment by calling 299-5959, or speak to their relationship manager to discuss potential solutions

Crisis response: HSBC Bermuda is offering some relief to borrowers over the next three months (File photograph)

You must be Registered or to post comment or to vote.

Published March 20, 2020 at 9:00 am (Updated March 20, 2020 at 11:18 am)

HSBC offers relief to borrowers

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon