Coronavirus: Mortgage holidays for Isle of Man home owners

Home owners will be able to request a mortgage holiday during the coronavirus outbreak

Home owners on the Isle of Man struggling financially as a result of the coronavirus outbreak will be offered mortgage holidays, the treasury minister has said.

Alfred Cannan said all seven banks offering private mortgages on the island had agreed to the scheme.

It will mean people can stop making payments for an agreed period of time without affecting their credit rating.

A total of 49 people have now tested positive for the virus on the island.

People would also be able to defer paying their local authority rates, Mr Cannan added.

While the annual rate demands will be sent to all households as usual, those "facing genuine financial difficulties" can choose to pay them at a later date, the minister said.

Mr Cannan did however urge everyone who could afford to pay to do so.

"We must keep some money coming in through the system otherwise our local authorities and indeed our national finances will come under even more pressure," he said.

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Meanwhile, utility providers on the island have pledged to maintain services for those suffering financial hardship during the pandemic.

Manx Gas, Manx Utilities, Manx Telecom and Sure Isle of Man have all called on customers struggling to pay their bills to get in touch to arrange alternative payment plans.

Last week the treasury announced a package of measures to support businesses and individuals affected by the government's restrictions to contain the spread of the virus.

A private sector backed initiative, the Manx Solidarity Fund, has also been launched to raise funds for those "most in need" on the island.

It will work in tandem with Helpout.im, a group of volunteers offering practical support, including dog walking and grocery shopping, for vulnerable people and those who are self-isolating.