Societies will offer arrears help | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tim Leonard

Tim Leonard

Finance Expert
Published: 17/03/2009

Borrowers struggling to meet their mortgage repayments should contact their building society for help immediately, it has been advised.

With official figures revealing the number of mortgage accounts in arrears has increased by almost a third (31%) in the past year, the Building Societies Association (BSA) has moved swiftly to remind borrowers that help could be close at hand.

Building societies use a wide range of techniques to ensure that, wherever possible, borrowers with repayment difficulties can remain in their homes.

"Every repossession represents an individual tragedy, but borrowers with building society mortgages can be confident that their lender will, if they contact their lender as soon as possible, develop an individual plan to help them get back on their feet," explains Paul Broadhead, BSA head of mortgage policy.

"This may include rescheduling their mortgage, help with claiming Government benefits and working with other agencies that may be able to help them.

"Whilst Government is introducing a number of schemes to help vulnerable borrowers, they will not be suitable for everyone and certainly are no substitute for talking to your building society at the earliest opportunity."

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

white spots on grey background

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy