BSA comments on homeowner mortgage support scheme
Building societies have confirmed that they have signed up to a Customer Commitment for borrowers in financial difficulty. Customers experiencing a reduction in income and willing to make regular monthly repayments will receive a similar, if not greater, level of forbearance to that provided under the Homeowner Mortgage Support Scheme (HMSS) and be encouraged to seek independent advice.
Paul Broadhead, Head of Mortgage Policy at the BSA, commented:-
“Borrowers should have every confidence that, if they are a customer of a building society, the Customer Commitment means they will receive at least as much help as is available under the HMSS. This further confirms the building society sector’s commitment to borrowers in difficulty. It builds upon the recently published booklet produced in conjunction with the Money Advice Trust providing advice to borrowers in difficulty.
“We look forward to continuing to work with the Government on this and other schemes to help hard pressed borrowers.”
~ Ends ~
Notes to Editor:
1. The Building Societies Association (BSA) represents all 53 building societies in the United Kingdom. Building societies have total assets of £395 billion and, together with their subsidiaries, hold residential mortgages of £250 billion, more than 20% of the total outstanding in the UK. Societies hold over £235 billion of retail deposits, accounting for more than 20% of all such deposits in the UK. Building societies also account for about 37% of all cash ISA balances. Building societies employ over 51,500 full and part-time staff and operate through more than 2,000 branches.
2. Photographs of Paul Broadhead are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
3. A copy of the Customer Commitment is attached.
4. The BSA / Money Advice Trust Leaflet can be found at http://www.bsa.org.uk/publications/industrypublications/cantpay.pdf
Neil Johnson
Mortgage Policy Advisor
Building Societies Association
Tel : 020-7520 5903
E-Mail : neil.johnson@bsa.org.uk
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