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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 It is now over 6 months old so the content may be out of date.
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."
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