More flexibility with repaying Bounce Back Loans

On 8 February 2021, the government announced additional flexibility in repaying Bounce Back Loans:

  • borrowers will be able to individually adjust their Bounce Back Loan payments
  • all repayments can be delayed for additional 6 months. This allows the borrowers not to make any payments until 18 months from taking the loan. Initially this option could have been used after making the first 6 payments

 

The following options, introduced last year, still apply:

  • borrowers can extend the length from 6 to 10 years. This means that the monthly repayments can be reduced by nearly 50%
  • repay interest only for up to 6 months (this option can be used up to three times)

 

For more information about the scheme please see the government’s website.

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