Citadele Bank (Latvia)

Citadele Joins Moratorium, Offering to Delay Mortgage Loan Base Repayments for up to a Year

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Citadele is supporting the Moratorium developed by the Finance Latvia Association for private individuals, offering clients an opportunity to put off the payment of their mortgage loan base repayment for up to 12 months.

Since Citadele joined the Moratorium, clients will be able to delay the repayment of their base mortgage repayment sum more easily—clients will just have to inform the bank of the reason for putting off payments arising due to the Covid-19, such as reduced income, cancelled work contract, etc.

In response to requests from customers who have realised that they will be unable to fulfil their loan obligations, Citadele has been offering loan breaks to clients in this situation since March 17th. Loan breaks are generally extended for three months, but each client’s situation is evaluated individually, and if we see that a client’s situation has not improved, the loan break may be extended up to six months.

“Currently in Latvia we have received slightly more than 1,100 applications—around 760 from private individuals and 340 from businesses. Although we are genuinely pleased about this initiative of the Finance Latvia Association, as the Moratorium will give clients an opportunity to apply to delay their payments more easily, we invite all of our clients to carefully consider their abilities and select the loan break end date they really need, as choosing a longer break period will impact future payments,” explains Vladislavs Mironovs, Board Member of Citadele.

Citadele clients can apply for a loan break through the online bank under Contact the bank. We ask you to consider a video consultation with a bank specialist, which you can apply for by calling 67010000. Full Moratorium text: here.