Stop taking interest from Deferred Mortgages due to COVID-19

0 have signed. Let’s get to 2,500!


As every knows that Canada’s six biggest banks are offering to ease up on customers whose lives have been disrupted by the new coronavirus, a largely unprecedented move that could include allowing borrowers to delay mortgage payments for up to six months.

“This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products,” the banks say.

But the facts are that Mortgage, loan relief could end up costing Canadians thousands more as big banks continue to charge interest. 

According to thestar.com, When Anthony Grande’s banker at RBC called him last week to discuss relief for his business loans, something didn’t add up. The banker said Grande could skip the principal portion of his loan payments for up to six months, but the interest would still be due. A quick calculation confirmed that if he accepted the bank’s help, Grande would pay less right now, but over the course of his loan he would owe thousands of dollars more.  Put another way, by offering customers “relief,” banks stand to increase profits.

The banks should stop making the profits from vulnerable people suffering financially due to COVID-19. Let's stand together against this injustice.