Scottish Building Society in repossession pledge
Paul Denton: ‘reassuring customers’
Scottish Building Society has pledged that mortgage holders will not be at risk of losing their home over the next 12 months.
The package goes further than the Financial Conduct Authority’s ban on repossessions until 31 October.
As well as banning repossessions, the Society is extending the current three-month mortgage break to six months to support hardest-hit customers.
The society is encouraging landlords to help those struggling to pay rent, by offering mortgage holidays if they pass on the benefit to tenants.
Paul Denton, chief executive of Scottish Building Society, said: “Lockdown may be easing but financial uncertainty still remains for some. Understandably, people are concerned about their families, their health and their jobs.
“We want to offer reassurance to customers worried about keeping a roof over their heads that we are here to support them.
“No-one in mortgage arrears is at risk of losing their home over the next year, as long as they work with us to get their finances back on track. This will take us to at least June 2021.”