The Building Societies Association (BSA) comments on FSA possession figures

Commenting on the FSA possession figures showing that the number of properties taken into possession have fallen by 9% in the second quarter of the year, Paul Broadhead, BSA Head of Mortgage Policy, said:

“As research published yesterday by the BSA shows, the earlier a borrower contacts their lender, the more likely they are to stay in their home. Borrowers contacting their building society will find a sympathetic response and that their society will work with them to help overcome their problems.

“Publicity around the Government schemes and greater lender forbearance is encouraging borrowers to contact their lender earlier. The BSA research shows that where this happens the overwhelming majority of borrowers are able to keep their homes and successfully overcome their arrears problems.

“Together with lenders, the Government needs to maintain its recent publicity encouraging borrowers with potential problems to make that all important phone call.”